Author.. 




TiUe 



Class LB-^Ma 
Book ..♦i...3_5 

I92S 



Imprint 



^L 



|!«tV»tW«.V*P»»*«»M'««».<l 



Handbook 

of 

Life Insurance 

and Annuity Policies 

for Teachers 




Teachers 

Insurance and Annuity Association 

of America 

522 Fifth Avenue, New York 

1922 



TjL^<JUtAA' 



Handbook 



of 

Life Insurance 

and Annuity Policies 

for Teachers 



fSn 




Teachers 

Insurance and Annuity Association 

of America 

522 Fifth Avenue, New York 

1922 



TEACHERS INSURANCE -TjS 
AND ANNUITY ASSOCIATION^^ ^ 

OF AMERICA 

Frank A. Vanderlip Chairman of the Board 

Henry S. Pritchett President 

Michael A. Mackenzie Vice-President 

Clyde Furst Secretary 

Robert A. Franks Treasurer 

Eugene F. Russell, M.D. Medical Director 

Raymond L. Mattocks Actuary 

Samuel S. Hall, Jr. Assistant Treasurer 

TRUSTEES 

George J. Baldwin Vice-President, American Inter- 
national Corporation 
Allen B. Forbes of Harris, Forbes and Company 
Robert A. Franks Treasurer, Carnegie Corporation 

James W. Glover Professor of Mathematics and In- 
surance, University of Michigan 

Frederick A. Goetze Treasurer, Columbia University 

Samuel S. Hall Associate Actuary, Mutual Life Insur- 
ance Company of New York 

Samuel McCune Lindsay Professor of Social Legis- 
lation. Columbia University 

Michael A. Mackenzie Professor of Mathematics, in- 
cluding Insurance, University of Toronto 

Charles E. Mitchell President, National City Bank 

Henry S. Pritchett President, Carnegie Foundation 

Alfred Z . Reed Carnegie Foundation 

Elihu Root, Jr. of Root, Clark, Buckner and Rowland 

Frank A. Vanderlip Chairman, American International 

Corporation 
Walter Vaughan Ex-Secretary, McGill University 
George Whitney of J. P. Morgan & Co. 

■■'•'■■ [2] 

Gift 
Dr. Joseph Mayer 
Apr. 27,1937 



Contents 



PAGE 



I Teachers Insurance and Annuity 
Association of America, Growth, 
Dividends 7 

II Outline of Subject Matter 11 

III Deferred Annuity Contract, 

Teachers Retirement Plan 18 

Description, 12 

Amounts of Annuities (table), 22 
Additional Annuity (table), 25 
Accumulation of $10 monthly (table), 26 
Optional Modes of Settlement (table), 27 

IV Life Insurance Policies 28 

Description (general), 28 

Decreasing Life, 37 

Term, 41 

Whole Life, Limited Payment Life, 58 

Endowments, 62 

Survivorship Annuity, 67 

V Combination of Annuity 

and Insurance 70 

VI Method of Obtaining Policies 76 

VII Withdrawal from Teaching 77 

VIII Life Annuities 78 

[31 



H 
H 



H 
< 

< 

O 



t>i— lOOOir-iOOCiOi— I o 
--J i> O O CO *o O O i> o 

AOCOO«5"^"^oij>O^OG6 
rf<^OTf(OO'^G0G0OG0 
Ot^Oi— (iOOO-^T— 1000>0 
rHofirf Tp TjT ^ iC «f o GO 

CO 1— ( GO «^ »0 



GO --^ 

o 



CO 



o i> Oi 
'^. GO t> 

-H rH iO 



o o 

CO "^ 

»o ©^ 

GO J> 
CO "* 



O GO rH O o GO O 1-J 

o«iGO"^''^'<^or> 

(^"^COGOt^^SO©^ 
r-i "^ iO "^ CO^ GO O^ C^ 

r-H i-H r— I O O O I— t 

«^ -^ (^ O Tf* 



^e- 



o 
o 

o 

Oi 

oT 
»o 
<^^ 

1—1 

5©- 



o ?o 

O CO 

d CO 

rH I— I * 



o o 

o o 



O «5 

o i> 



©< CO i> o »o 
T-H GO CO O GO 
CO O "^^ O^ 00 

go" of go" o" go" 

1-H (^ O CO 

«5 »0 



CO 

go 
o 
o^ 

go" 
i> 





4J 




C« 




o; 




;-i 


<V 'V 


a-s 


OhH 


C S 


HH O 


a- 


=2 ii 


S o 


q; o 


11. 


l-H 



W2 fl « 
"ZJ r! CJ 
^ w b 






IZJ 

2 -^ -^ 

CO '-H . rt 
in 3 3 
S C f3 

g fl C3 

HH -^1 <1 



a <u 
■> g 






So 






£ « 

.J: c« 

;:: ° 

o « 

:§ s 

ft i 

o ^ 



03 ;3 y 



[-i] 



Gtn 

Dr. Joseph Mayer 
Apr. 27,. 937 



Foreword 

It is with great satisfaction that the Teachers 
Insurance and Annuity Association of America 
announces its organization and readiness to 
serve the university and college teachers of the 
United States, Canada and Newfoundland. 

A decade of experience with retiring allow- 
ances for teachers convinced the Carnegie 
Foundation for the Advancement of Teaching 
that a pension system should rest upon the 
cooperation of employee and employer; that 
for the assurance of an annuity there must 
be set aside, year by year, the reserve neces- 
sary, with its accumulated interest, to pro- 
vide the annuity at the age agreed upon; that 
the arrangement with the teacher should be 
a contractual one upon an actuarial basis; 
and that such annuities should be supple- 
mented by life insurance. The recent bulletins 
and reports of the Carnegie Foundation record 
the concrete embodiment of these principles, as 
finally reached with the cooperation of the 
teachers in the institutions associated with the 
Foundation and of representative academic 
and actuarial societies. 

The result is the present offer of a new and 
comprehensive service to the great body of 
university and college teachers of North 
America. 



The Association employs no soliciting 
agents, thereby avoiding one of the greatest 
sources of expense. Its policies are planned 
to suit the circumstances of the teacher's 
salary and needs. The officers of the Associa- 
tion will gladly give any further information 
desired. 

1918 CHAIRMAN OF THE BOARD 



I 

Teachers 

Insurance and Annuity Association 

of America 

The Teachers Insurance and Annuity Asso- 
ciation of America is incorporated under the 
laws of the State of New York, as a life insur- 
ance company, and is subject to the scrutiny 
and supervision of the State Superintendent 
of Insurance. 

The Association was organized in 1918 at 
the instance of the Carnegie Foundation for 
the Advancement of Teaching. Its paid-in 
capital and surplus of $1,000,000 contributed 
by the Carnegie Corporation of New York are, 
respectively, five and ten times the legal re- 
quirement. Besides giving security additional 
to that furnished by the full legal policy re- 
serves, the paid-in capital and surplus furnish 
an income for the expenses of management, 
resulting in substantial annual savings to 
policyholders. The Association is governed 
by a board of sixteen trustees, four of whom 
are chosen by the poUcyholders. 

The charter of the Association, approved 
March 4, 1918, states: 

"The purpose of the corporation is to pro- 
vide insurance and annuities for teachers and 
other persons employed by colleges, by uni- 

[7] 



versities, or by institutions engaged primarily 
in educational or research work; to offer pol- 
icies of a character best adapted to the needs 
of such persons on terms as advantageous to 
its policyholders as shall be practicable; and 
to conduct its business without profit to the 
corporation or to its stockholders." 

Copies of the charter and by-laws may be 
had upon request. 

The Association is thus an agency for enab- 
ling teachers and others employed in colleges, 
universities, and other institutions devoted 
to education and research, to provide for 
their families and for themselves adequate 
protection against dependence, by offering 
them at the lowest feasible cost an insurance 
and annuity service adapted to their specific 
needs. 

The facilities of the Association are open to 
the general body of teachers in the colleges and 
universities of the United States, Canada, 
and Newfoundland , irrespective of denomina- 
tional or state control. 

Up to the present the large insurance com- 
panies have been built up through the extensive 
solicitation of business by paid agents. With 
this business the Association does not under- 
take to compete. It has no ambition for size 
beyond the point where numbers are necessary 
for a fair distribution of the risk. Its situation 
is quite different from that of the solicitmg 
company. Through an endowment, contrib- 
[8] 



uted in the form of capital and surplus, it is 
able to oflFer insurance at cost, without the 
overhead charges which in the ordinary com- 
pany absorb considerable proportion of the 
premiums paid by the policyholders . 

The Association deals with educated and 
intelligent men and women who are entirely 
competent to understand and appreciate the 
fundamental principles of life insurance. 
The value of the Association will in large 
measure depend upon gradually gaining the 
attention of this great group of teachers to 
the extent that they themselves shall under- 
stand these simple principles and act upon 
their own knowledge of them. 



Growth of the Association 



End of 


Insurance 
In Force 


Annuities in Force 
(Annual Amount) 


(Including Policy 
Reserves) 


1919 


$1,231,031 


$194,977 


$1,073,003 


19S0 


3,356,747 


624,398 


1,269,890 


1921 


5,678,352 


1,166,851 


1,651,102 


£nd of 


No. of Insurance No. of Annuity 
Polices Policies 


No. of 
Policyholders 


1919 


249 


215 


373 


1920 


653 


564 


949 


19S1 


1,096 


947 


1,601 



[9] 



Dividends Declared by Trustees 

Although, for technical reasons, the policies of 
the Association are what is known as "non-par- 
ticipating," dividends have been credited on all 
policies after the completion of the first policy 



Comparison of Net Costs under Policies Iss 
Age at Issue 30 


uedinl919 


WHOLE LIFE— $10,000 


to -Si 


O U ^ G 


|i 'i 

H 1 




•slf 


M * E 

1.e| 


1 

2 
3 

4 


$229.40 
191.00 
189.60 
187.80 


$174.00 
159.80 
157.90 
156.20 


$55.40 
31.20 
31. 70 
31. 10 


32% 
20% 
20% 
20% 


$ 55.40 

89.37 

125.64 

162.92 


TE 


:n year term (convertible 


—$10,000 


1 
2 
3 
4 


$124.80 
101.50 
103.80 
102.00 


$86.90 
77.60 
76.60 
75.70 


$37.90 
23.90 
27.20 
26.30 


44% 
31% 
36% 
35% 


$ 37.90 

63.70 

94.09 

125.09 



The net costs given for the first year are the premiums 
which appear in the policies. Those for subsequent years are 
after allowance for dividends actually paid. The dividends 
at the end of the first policy year can be obtained by sub- 
tracting net costs given for the second year from the initial 
costs. Similarly, second year dividends are the diiference 
between the initial costs and net shown for the third year. 



10 



II 



Outline of Subject Matter 

In the following pages there appear descrip- 
tions of the various policies offered by the 
Association together with tables of rates. 
Since the Deferred Annuity Contract, Teach- 
ers Retirement P lan, is the standard policy 
which makes contractual provision for a re- 
tirement income, it is described first. 

Life insurance policies on the various plans 
are"next treated of, followed by chapters on 
the co mbination of a nnuity anj _Jnsurance. 3 
the method of obtaining policies, and the 
effect of withdrawal from teaching. 

In the back of the book, the Life Annu ity 
Policy is described and a rate table shown. 
This latter f orm^Fpolicy is suggested as a safe 
medium for the investment of funds — such as 
the proceeds of life insurance policies paid to 
surviving wives of teachers — where a guaran- 
teed life income, free from the ordinary invest- 
ment cares, is desired. 

While the following pages will enable the 
careful reader to obtain a good understanding 
of the subject of annuities and insurance, the 
oflicers of the Association are glad at all times 
to offer financially disinterested advice and 
suggestions upon request. 



11] 



Ill 

The Deferred Annuity Contract 
Teachers Retirement Plan 

An annuity is a series of periodic payments 
continuing during a given status. 

The most common form of life annuity is 
that which, in consideration of a single cash 
deposit, pays a stipulated sum annually, 
semi-annually, quarterly, or monthly, as long 
as the annuitant lives. 

A Deferred Annuity begins after a fixed 
period of j^ears or when the annuitant attains 
a certain age, and is usually purchased by 
means of payments distributed throughout 
the period of deferment. 

A Non-forfeitable Pension 

The teacher whose retirement allowance is 
secured by a Deferred Annuity policy on the 
Teachers Retirement Plan will enjoy a pro- 
tection fundamentally more secure and equit- 
able than one whose reliance must be upon a 
pension payable at the discretion of a Board 
of Regents or of Trustees. 

From the moment the first premium is paid 
on such a policy, the teacher \sdll become the 
owner of a policy or contract which neither 
his employer nor the Association will have 
any power to modify adversely to his in- 
terests, and no change of employment or 

[12] 



failure to continue the payment of premiums 
can deprive him of the full benefit purchased 
by the premiums already paid. He will be 
assured that every cent of premium which 
he pays as a teacher or which is paid by 
his college for him, with compound interest 
at four per cent, will either be applied to 
provide the retirement allowance, or if he 
dies before the allowance becomes payable, 
returned to his dependents. 

Various Options Available 

The man who, at the age of thirty, begins 
to make provision for his retirement cannot 
foretell exactly the age at which he will wish 
to retire, or what form of annuity will best 
suit his circumstances thirty or forty years 
later. 

To meet his just reluctance to commit him- 
self so far in advance to a fixed age of retire- 
ment and form of annuity, the poHcy allows 
great latitude. Preserving always mathemat- 
ical equivalence of value among the benefits 
granted, the policy allows the annuitant free- 
dom to choose the date at which his annuity 
will commence, and also allows, as alternative 
to the life annuity, the choice of a form of 
annuity one-half of which will continue after 
his death to his wife while she survives him, 
or of a form which guarantees that annuity 
payments will continue after his death until 
the total annuity payments equal the total 
premium payments with interest. 
[13] 



The purpose of such a policy is to make 
certain the payment of an income. To secure 
this purpose, the poHcy does not permit the 
payment of the proceeds in one sum. If the 
annuitant lives to enter upon the annuity, 
he will be assured an income for the re- 
mainder of his life. If he dies before entering 
upon the annuity, his wife, if she survives 
him, or his estate, will receive an income of 
one hundred twenty equal monthly (pay- 
ments, equivalent in value to the accumulated 
premiums with four per cent compound in- 
terest. 

Increase of Premiums 
to Secure Larger Annuity 

A most valuable provision of the policy 
is that which allows the teacher who begins 
with the payment of premiums on a modest 
scale, to increase his premiums, and thus to 
secure a larger annuity without the formality 
of applying for an additional policy. Addi- 
tional premiums paid at any time will pro- 
vide additional annuity, payable in the same 
way and subject to all the rights and con- 
ditions which protect the annuity originally 
granted. The only limitation on the right to 
pay additional premiums is that the total 
additional annuity shall not exceed $500 
( monthly J The provision of the policy that 
additional premiums may be paid at any 
time furnishes the teacher a desirable in- 
vestment always available. 
f 14] 



) 



An Illustration 

This Deferred Annuity policy is offered by 
the Association to form the basis of the 
teacher's insurance protection. A full under- 
standing of its provisions will enable the 
teacher to plan his entire insurance protection 
intelligently and to choose such form of life 
insurance as will supplement the annuity 
policy. 

The following illustration will serve to make 
clear the benefits provided by this policy. 

Let us assume that, at the age of thirty, a 
teacher decides to use five per cent of his 
monthly salary of $150, his college agreeing 
to duplicate his payments, to pay the pre- 
miums on a policy of this form. 

The table of annuities on page 22 shows 
that monthly payments of $15, continued for 
thirty-five years, will provide a deferred life 
annuity of $127.66 monthly commencing at 
the age of sixty-five. 

Five years later he receives an increase in 
salary of $50, and accordingly, at age thirty- 
five, he begins the payment of additional 
monthly premiums of $5 each. The table 
shows that if he continues to pay this addi- 
tional $5 monthly for thirty years it will 
produce an additional annuity of $32.40, 
making a total monthly annuity on which he 
may retire at sixty-five of $160.06. 

At forty-five and again at fifty-five in- 
creased salary enables him to make increases 
[15] 



of $5 in his monthly premiums, with corre- 
sponding increases of $17.20 and $6.93 
monthly in his annuity. 

If he continues these payments until his 
retirement at sixty -five, he will enjoy an 
income of $184.19 monthly for the remainder 
of his life. The Annuity thus provided at age 
sixty-five— $184.19 monthly, or $2,210.28 per 
year, — is almost exactly what a man retiring 
at age sixty-five with a final salary of $3,600 
would receive according to the formula of 
the Carnegie Foundation, "Allowance equals 
one-half salary plus $400." 

In the accompanying table these results, as 
well as the benefit which his wife, or estate, 
would receive in the event of the teacher's 
death before reaching the age of sixty-five, 
are shown, perhaps more clearly. 



Deferred Annuity Policy 
Teachers Retirement Plan 

Illustration of results of a policy issued to 
a man 30 years of age 


Attained 
AGE 


Monthly 
Salary 


Total 
Monthly 
Premium 


Total 
Monthly 
Annuity 
at Age 65 


Amount of 

Premiums 

with 

Interest 


In Case of 

Death 

Monthly 

Instalments 

Payable for 

120 Months 


80 
86 
40 

45 
50 
56 
60 


$160 
200 
200 
260 
260 
300 
300 


$15 
20 
20 
25 
26 
30 
30 


$127.66 
160.06 
160.06 
177.26 
177.26 
184.19 
184.19 




$10.02 

26.65 

44.46 

70.77 

102.80 

146.11 


$ 996 

2,540 

4,418 

7,085 

10,219 

14,424 



IG 



In the table, the column headed "Amount 
of Premiums With Interest" is of importance. 
It shows the vahie of the annuity pohcy to 
the dependents of the annuitant in case of 
his death at the attained age stated, before 
retirement, and forms the basis for choosing 
the kind and amount of life insurance which 
he should secure. Incidentally, it indicates 
the value of the "deferred wages" which 
would be at stake, and possibly forfeited, 
under a non-contractual pension system. 

Let us now suppose that our teacher has 
reached the end of his sixty-fourth year. He 
must choose whether he will accept the life 
annuity of $184.19 monthly, which will cease 
at his death, or whether he will ask for one 
of the alternatives offered by the policy. 

If he finds himself in good health and not 
compelled to retire, he may select Option II 
which defers the payment of his annuity, and 
gives the larger monthly sum to which longer 
accumulation and greater age will entitle 
him. He will also have the option of con- 
tinuing the payment of premiums in order to 
produce a still larger annuity at the time he 
decides to retire. For example, if he con- 
tinues to pay premiums of $30 monthly for 
two years and elects to have the annuity 
begin when he is sixty-seven years of age, he 
may then retire on a monthly annuity of $222. 

When a teacher reaches the end of his 
sixty -fourth year, if his wife is living, he will 

[17] 



naturally select Option III which provides for 
an annuity for the life of the annuitant, to be 
continued after his death for one-half the 
monthly amount to his wife as long as she 
shall survive him. The amount of annuity 
under this option will depend upon the age 
of the wife. In the case we are considering, 
when the annuitant is at the end of his sixty- 
fourth year, the accumulated premiums of his 
policy will amount to $19,541. If his wife is 
sixty years of age at that time, the $19,541 
available will provide a monthly income of 
$147.53 throughout the life of the annuitant, 
and a monthly income of $73.77 after his 
death as long as his wife is living. (See table 
on page 27.) 

For the teacher, who, at the time of retire- 
ment has no need to provide for the contin- 
gency of his wife surviving him, but who 
hesitates to accept a form of annuity under 
which there would be no return in event of 
his deatli, the fourth option stated in the 
policy provides a suitable alternative. 

If Option IV be selected, the annuity will 
be paid to the annuitant for life, but, if the 
annuitant dies before the total annuity pay- 
ments equal the total accumulated premiums 
applied to purchase the annuity, payments 
will be continued to his estate until the 
annuity payments have equaled the amount 
of the accumulated premiums . 

[18 1 



In the illustration we are considering, the 
accumulated premiums, at the end of the 
teacher's sixty -fourth year, amount to $19,- 
541. This sum, under Option IV, will 
provide a monthly annuity of $152.62, pay- 
able as long as the annuitant lives, but pay- 
able for 128 months in any event. For 
example, if the annuitant should die after 
receiving ten monthly payments, amounting 
to $1,526.20, payments would continue to his 
estate for 118 months, making a total of 
$19,541. 

Another feature of this policy deserves 
especial mention. To provide for those 
teachers who may arrange to retire at an 
earlier age than that originally selected, an 
annuity, either of the original form, or of a 
form provided under one of the options, may 
be made to begin at any time. The amount 
of annuity, in such case, will depend upon 
the amount of the accumulated premiums, 
and the age at which the annuity begins. 

For example, if the teacher whose case we 
have used for illustration should retire at the 
age of sixty, he would, under Option I, be en- 
titled to a monthly annuity, beginning at that 
age, of $115.39, which is what his accumu- 
lated premiums of $14,424 would purchase. 

The Association will keep individual ac- 
counts of the policies on this plan, and fur- 
nish the policyholder with statements. The 
table on page 26 shows the accumulation at 
[19 1 



4 percent compound interest of $10 monthly. 
Illustrations of the settlements available under 
Options III and IV appear on page 27. 

It is hoped that the foregoing illustration 
will serve to indicate the great adaptability of 
this policy. The great variety of the possible 
settlements makes it diflScult to present a com- 
plete statement, because the result, in each 
case, will depend upon the amount of the pre- 
miums paid and the ages of the annuitant and 
his wife at the time the options are exercised. 



20 



Deferred Annuity Policy 
Teachers Retirement Plan 

Regular Monthly Premmms 

Policies on this plan will be issued at ages 
twenty-one to sixty-four at the rates shown 
in the table on the two following pages. 

In computing the amount of annuity pay- 
able, due allowance will be made for fractions 
of a year of age expressed in completed 
months . 

Policies will be issued, unless a different form 
is requested, providing that the first annuity 
payment will be due on the first of the month 
following the annuitant's sixty-fifth birthday, 
and succeeding payments on the first day of 
each month. 

Premiums are payable on the first day of 
each month; the last premium will be due 
one month before the first annuity payment 
is due. 

Rates for deferred annuities, first payment at 
ages higher or lower than sixty-five, will be 
quoted upon request. 



21 



Deferred Annuity Policy 
Teachers Retirement Plan 

Amount of Monthly Annuity, First Payment at 
Age 65, per $10 Reduced Monthly Premium* 


AGE 

when First 

Premium 

is Paid 


Number of 
Monthly 

Premiums 
Payable 


Amount of Monthly Annuity 
Beginning at 65 


If the Annuitant 
is a MAN 


If the Annuitant 
is a WOMAN 


21 
22 
23 
24 
25 

26 
27 
28 
29 
80 

81 
82 
83 
84 
85 

86 
87 
88 
89 

.=r^ 40 


528 
616 
504 
492 
480 

468 
456 
444 
432 
420 

408 
396 
384 
872 
360 

848 
886 
824 
812 
300 


$133.37 
127.13 
121.13 
115.36 
109.81 

104.47 
99.35 
94.41 
89.67 
85.11 

80.73 
76.51 
72.46 
68.56 
64.81 

61.21 

57.74 

54.41 

51.21 

,--48.18 


$116.93 

111.46 

106.20 

101.14 

96.27 

91.60 
87.10 
82.77 
78.62 
74.62 

70.77 
67.08 
63.52 
60.11 
56.82 

53.66 
50.62 
47.70 
44.89 
42.19 



* In case of withdrawal from educational or research 
employment to enter some other profession or business, 
subsequent premiums will be increased by a loading of 
one-ninth. 



22 



/,»^ 



lif^S.XyT' 



Deferred Annuity Policy, teachers Retirement Flan 
(Continued) 



AGE 

when First 

Premium 

is Paid 



41 

43 
44 
46 

46 
47 
48 
49 
50 

51 
52 
53 
54 
56 

66 
57 
68 
59 
60 

61 
63 
63 

64 



Number of 
Monthly 

Premiums 
Payable 



288 
276 
264 
252 
240 

228 
216 
204 
192 
180 

168 
166 
144 
182 
120 

108 
96 
84 
72 
60 

48 
86 
24 
12 



Amount of Monthly Annuity 
Beginning at 65 



If the Annuitant 
is a MAN 



$45.16 
42.8!3ii^ 
39.58 
36.94 
34.41 

31.98 
29.64 
27.38 
26.22 
23.14 

21.14 
19.21 
17.36 
16.58 
18.87 

12.28 
10.65 

9.13 

7.67 

6.26 

4.91 
3.61 
2.38 
1.16 



If the Annuitant 
is a WOMAN 



$39.60 
37.10 
34.70 
32.39 
30.17 

28.03 
25.98 
24.01 
22.11 
20.29 

18.63 
16.85 
15.22 
13.66 
12.16 

10.72 
9.34 
8.00 
6.72 
5.49 

4.30 
3.16 
2.07 
1.01 



i 






-- --- I.I > 




Deferred Annuity Policy 
Teachers Retirement Plan 

Optional Additional Premiums 

Additional annuity may be provided: 

I. By a series of additional equal monthly 
premiums, begun at the option of the 
annuitant, and continued until the an- 
nuity is entered upon. The amount of such 
additional annuity beginning at sixty-five 
will be based upon the rates shown in the 
preceding table. 

II. By a single additional premium, paid at 
the option of the annuitant. The amount 
of such additional monthly annuity, first 
payment at sixty -five, purchased by a 
reduced single premium of $100, is 
shown in the table opposite. 



24 



Deferred Annuity Policy 


Supplemental Table 


AGE 


Additional Monthly Annuity Beginning at 65 


When Single 
Premium 


Purchased by $100 Reduced Premium 


If the Aimuitant 


If the Annuitant 


is Paid 


is a MAN 


is a WOMAN 


25 


$4.53 


$8.97 


26 


4.86 


8.82 


27 


4.18 


8.67 


28 


4.02 


8.68 


29 


3.87 


8.89 


30 


8.72 


8.26 


81 


8.58 


8.14 


82 


8.44 


8.02 


88 


8.81 


2.90 


84 


8.18 


8.79 


85 


8.06 


2.68 


86 


2.94 


2.68 


87 


2.88 


2.48 


88 


2.72 


2.88 


89 


2.61 


2.29 


40 


2.51 


2.20 


41 


2.42 


2.12 


42 


2.32 


2.04 


48 


2.23 


1.96 


44 


2.15 


1.88 


45 


2.07 


1.81 


46 


1.99 


1.74 


47 


1.91 


1.67 


48 


1.84 


1.61 


49 


1.77 


1.55 


50 


1.70 


1.49 


51 


1.68 


1.48 


52 


1.57 


1.88 


58 


1.51 


1.82 


54 


1.45 


1.27 


55 


1.40 


1.22 


56 


1.84 


1.18 


57 


1.29 


1.18 


58 


1.24 


1.09 


59 


1.19 


1.05 


60 


1.15 


1.01 


61 


1.10 


.97 


62 


1.06 


.93 


63 


1.02 


.89 


64 


.98 


.86 



25 



Acciunulation of $10 monthly at end of 




years 1 to 50 






4 Per Cent Compound Interest 


Period 
Years 


Amount of $10.00 

per month, 
at end of period 


Period 
Years 


Amount of $10.00 

per month, 
at end of period 


1 


$122.58 


26 


$5,481.89 


S 


250.07 


27 


5,771.75 


8 


382.66 


28 


6,125.21 


4 


620.55 


29 


6,492.80 


6 


663.95 


30 


6,876.09 


6 


813.10 


31 


7,272.68 


7 


968.20 


82 


7,686.18 


8 


1,129.51 


83 


8,116.20 


9 


1,297.28 


34 


8,563.48 


10 


1,471.75 


85 


9,028.56 


11 


1,658.21 


86 


9,512.28 


12 


1,841.92 


37 


10,016.35 


18 


2,038.17 


38 


10,588.65 


14 


2,242.29 


39 


11,082.67 


15 


2,454.57 


40 


11,648.67 


16 


2,675.83 


41 


12,287.09 


17 


2,904.93 


42 


12,849.16 


18 


3,148.71 


43 


13,485.72 


19 


8,892.04 


44 


14,147.73 


SO 


3,650.31 


45 


14,886.22 


21 


3,918.90 


46 


16,552.25 


22 


4,198.24 


47 


16,296.98 


23 


4,488.75 


48 


17,071.88 


24 


4,790.89 


49 


17,876.82 


25 


5.105.10 


50 


18,714.48 



The above table shows, on the basis of a $10 monthly 
premium, the accumulation available at death before 
retirement under the Deferred Annuity Policy, 
Teachers Retirement Plan. 

It also shows the total accumulation available for 
an annuity in event of survival. See following page 
for table of amounts of monthl.v annuity for each 
$1,000 of accumulated premiums at various attained 
ages, under Options III and IV. 
[26] 



Table of Amounts of Monthly Annuity for 


each $1,000 of Accxunulated Premiums at 




Various Attained Ages 




OPTION m 


OPTION IV 


ATTAINED 

AGES 
(to last com- 
pleted month) 


Amount 

of 
Monthly 
Annuity 


ATTAINED 

AGE 
(to last com- 
pleted mth.) 


MALE 

Amount of 

Monthly 

Aimuity 


FEMALE 

Amount of 

Monthly 

Annujtj- 


Man— Wife 










65-60 


$7.55 


50 


$6.67 


$5.26 


65-61 


7.64 


51 


5.76 


5.84 


66-62 


7.72 


52 


6.86 


5.43 


65-68 


7.80 


53 


5.97 


5. 62 


65-64 


7.88 


64 


6.08 


6.62 


65-65 


7.95 


56 


6.20 


5.72 


65-66 


8.03 


56 


6.33 


6.83 


65-67 


8. 11 


57 


6.46 


5.94 


65-68 


8. 19 


58 


6.60 


6.06 


65-69 


8.27 


59 


6. 75 


6. 19 


65-70 


8.34 


60 


6.90 


6.32 


70-65 


8.91 


61 


7.06 


6.46 


70-66 


9.03 


62 


7.24 


6.61 


70-67 


9. 14 


63 


7.42 


6. 77 


70-68 


9.26 


64 


7.61 


6.93 


70-69 


9.88 


65 


7.81 


7.11 


70-70 


9.49 


66 


8.03 


7.29 


70-71 


9.61 


67 


8.26 


7.48 


70-72 


9.72 


68 


8.60 


7.69 


70-73 


9.84 


69 


8.76 


7.91 


70-74 


9.94 


70 


9.06 


8.14 


70-75 


10.05 









A statement of the amount of contractual annuity 
available under Options I or II will be furnished upon 
receipt of information as to the age at which it is 
desired to have annuity payments begin. (The amount 
may be approximated by means of the table of Life 
Annuity Rates on pages 79-80.) 



27 



IV 

Life Insurance Policies 

Insurance is a form of social cooperation 
consisting of the establishment of a group of 
persons for the protection of each individual 
in the group . In life insurance the protection 
is against the loss of income due to the death 
of the earner. 

No one can foretell the length of an in- 
dividual life, but population and life insur- 
ance statistics indicate the probable distribu- 
tion of longevity in any large group . Such a 
group can guarantee the payment at the 
death of each individual of a definite sum out 
of a central fund accumulated from separate 
annual payments, based upon each indi- 
vidual's probability of living from the date 
when he enters the group. Such action is 
merely a redistribution of the money of the 
members of the group. It represents no in- 
crease of wealth except in the increased 
productivity of the group due to their sense 
of protection . 

As the chance of dying increases with age, 
the individual's payment would become 
larger annually unless, as is usual, the pay- 
ments of a lifetime are averaged, the later 
payments being smaller than the risk, the 
difference being made up from the accumula- 
tion, with interest, of over-payments made 
at the earlier ages. 

[28 1 



The American Experience Table of Mor- 
tality, first published in 1868, is now generally 
prescribed by state laws as furnishing a safe 
basis for measuring the mortality of American 
holders of life insurance policies. Those who 
obtain insurance are subject to lower mor- 
tality rates than the general population; it is 
believed that college teachers are subject to 
lower rates than ordinary holders of insurance 
and that in time this should result in a lower- 
ing of the cost of insurance for a group com- 
posed of such teachers. 

Life insurance funds are invested at com- 
pound interest. The rate of interest generally 
prescribed in the United States for computing 
policy values was four per cent prior to 1901; 
since that time it has generally been three 
and one-half per cent, although a number of 
companies use tliree per cent. 

The Association uses three and one-half 
per cent for insurance and four per cent for 
annuities, the highest interest rates permitted 
under the laws of New York. 

Insurance at Cost 

The stipulation in the charter of the 
Association that its business is to be con- 
ducted without profit to the corporation or to 
its stockholders enables the Association to 
offer insurance and annuities to college teach- 
ers at cost, without the customary loading for 
expenses. With the elimination of profits 
there will be no pressure upon the manage- 
[29 1 



ment to adopt extravagant methods to secure 
a large volume of business. 

The Association offers sound and substantial 
wares and describes them honestly and fully 
for clients who are accustomed to written lan- 
guage. 

It employs no soliciting agents. Being cre- 
ated not to get but to give, it can afford to 
wait for business. 

The current expenses of the organization, 
including taxes, are met from the income from 
the paid-in capital and surplus, which are, 
respectively, five and ten times the legal re- 
quirement. 

Although, for technical reasons, the poli- 
cies of the Association are what is known as 
"non-participating," dividends have been cred- 
ited on all policies after the completion of the 
first policy year. 

The Different Kinds of Insurance 

Different individuals may properly seek 
different kinds of insurance. 

Term Insurance provides protection for a 
limited period. Term insurance, in amounts 
which gradually diminish with advancing age, 
is the only form of insurance by which ad- 
equate protection for a dependent family, 
available at the time of greatest need, can 
be brought within the limitations of the usual 
teacher's salary. 

Ordinary or Whole Life Policies provide for 
the payment of the insurance at death , when- 
[30 1 



ever that may occur. The premiums on such 
policies may be paid throughout life, or, in the 
case of Limited Payment Policies, for a speci- 
fied number of years, upon the completion of 
which the policy is paid-up . The Association 
offers such policies paid-up either at the end 
of twenty years, or when the policyholder 
reaches sixty-five. 

Endowment Insurance provides for the 
payment of the sum insured at the end of a 
specified number of years, or at the death 
of the policyholder if this occurs before the 
date of maturity. This is the most expensive 
form of insurance as it provides both insur- 
ance protection and investment. 

All of the usual forms of insurance are of- 
fered by the Association. 

The form of policy selected by an individual 
will depend upon his financial resources. 

A teacher, who has no income outside of his 
regular salary, will obtain the greatest pro- 
tection for the least money by combining a 
term policy with an annuity contract. 

A teacher with additional income may pre- 
fer to pay up his insurance in a limited num- 
ber of payments, while providing for his 
annuity. 

A teacher who has capital in addition to 
his salary may prefer a whole life policy, or 
may consider an endowment policy a desir- 
able and conservative investment for his 
monev. 

[311 



Upon request, the actuaries of the Asso- 
ciation will give full information as to the 
relative advantages of the various policies for 
the varying needs of individuals. 

Maximum Policy 

The amount of insurance which the Asso- 
ciation can safely place upon the life of a 
single individual depends upon the size of 
the group of its policyholders. At present 
the maximum is twenty thousand dollars, not 
more than ten of which may be on the term 
or decreasing life plans. 

Monthly Premitmis 

The Association writes policies based on the 
payment of premiums monthly, a service 
which has proved to be especially appreciated 
by a large number of teachers. Ordinarily, life 
insurance companies find that fractional pre- 
miums involve a considerable extra cost for 
collection, for which they protect themselves 
by making an ample extra charge to the policy- 
holder. By arranging that the policyholder 
who desires the monthly premium service 
shall instruct the disbursing officer of his 
institution to deduct the amount of the pre- 
mium due each month from his salary and re- 
mit it directly to the Association, it becomes 
possible to deal with all of the monthly pre- 
miums of the policyholders in a single institu- 
tion in one transaction. The resulting saving 
ofcpostage and clerical work enables the Asso- 
[32 1 



ciation to offer the monthly payment privilege 
for an extra charge equivalent only to a mod- 
erate rate of interest for the credit actually ex- 
tended. For those who prefer the usual cus- 
tom, there are policies providing for premium 
payments either annualy, semi-annually or 
quarterly. 

Insurance companies also offer provisions 
for keeping insurance in force without the 
payment of premiums if the policyholder is 
wholly disabled, or for paying insurance not 
in a single sum but in instalments. The 
Association provides the usual privileges in 
the policies to which they are appropriate. 

Borrowing on Policies 

The Association will lend upon lifeinsurance 
policies in accordance with the requirements 
of New York law, but its officers will seek, 
in the words of Professor Huebner of the 
University of Pennsylvania, "to impress upon 
the insured, as well as on the beneficiary, 
the necessity of not allowing unnecessary 
loans to defeat the sacred purpose of life 
insurance in protecting the home, or in pro- 
viding for old age." 

Standard Provisions 

All policies issued by the Association are 
approved by the New York State Depart- 
ment of Insurance, and contain the ap- 
propriate standard provisions prescribed by 
the New York Insurance Law. 
[33] 



Disability Benefit 

Policies on the above-mentioned plans con- 
tain a clause providing that the policy will be 
continued in full force without further pay- 
ment of premiums, in the event of the insured 
becoming totally and permanently disabled 
before reaching the age of sixty -five. 

Manner of Payment of Insurance 

The manner in which insurance is payable 
to the beneficiary at the death of the insured 
is a matter of great importance, to which 
too little attention is often given. 

When a beneficiary unused to the invest- 
ment of large sums receives the proceeds of 
the policy in one immediate payment, unwise 
management of the money frequently results 
in defeating the purpose for which the in- 
surance was provided. 

Ordinarily, the teacher will do less than his 
whole duty to his dependents, unless, when 
he insures his life, he provides that the in- 
surance be payable in a manner which will 
assure them a continued income correspond- 
ing to their necessities. 

Monthly Income Policies 

The Association issues policies on the Term, 
Whole Life, Limited Payment Life, and En- 
dowment, Monthly Income Plan. Such poli- 
cies provide that the insurance will be payable 
in two hundred forty equal monthly instal- 
ments. Policies will be issued for a monthly 
[34 1 



income of $10, or multiple of that amount 
not exceeding $125 monthly. ($60 on Term.) 

This plan is desirable when the beneficiaries 
to be provided for are children whose de- 
pendence may be expected to cease within the 
twenty years during which the income is 
payable. Two hundred forty monthly instal- 
ments of $10 each are equivalent in value to 
$1,737 payable in one sum. 

Rates for a monthly income of $10 may be 
found by multiplying the rates per $1,000 by 
1.737. 

Continuous Monthly Income Policies 

The Association will issue policies on the 
Term, Whole Life, Limited Payment Life, 
and Endowment, Continuous Monthly Income 
Plan. This plan assures a life income to the 
beneficiary, or in the case of the Endowment, 
to both the insured and the beneficiary. The 
provisions of this policy are similar to those of 
the monthly income policy , with the additional 
guarantee that the monthly income will con- 
tinue, after two hundred forty monthly pay- 
ments have been made, throughout the life 
of the beneficiary, however long that may be . 
This policy differs from the Survivorship 
Annuity Policy, in that it does not terminate 
at the death of the beneficiary, but provides 
that the income will continue for two hundred 
forty months after the death of the insured, 
irrespective of the survival of the beneficiary. 
[35 1 



Premiums are based on the rates for 
Monthly Income Policies, increased by a 
small extra premium which depends upon the 
age of the beneficiary. 

Rates for this form will be quoted upon 
request. 

But one person can be named as bene- 
ficiary in policies on this plan; and if a 
different beneficiary be named later, not 
more than two hundred forty instalments will 
be payable. 



S6 



Decreasing Life Insurance 

This policy has been prepared as a companion 
form to the Teachers Retirement Plan De- 
ferred Annuity Policy. It is intended to 
furnish, at a monthly premium of approxi- 
mately ten dollars, an amount of insurance 
which will supplement the protection given 
by the deferred annuity policy at a similar 
monthly premium. 

It is designed to furnish the maximum 
amount of insurance during the earlier years 
of life, when, if death occurs, the teacher's 
family will be most helpless, and when the 
amount realized under the annuity policy 
will be small. 

The policy is issued only at ages twenty-one 
to forty. It provides that the amount of insur- 
ance payable, if death occur before the end of 
the insured's fortieth year, will be ten thou- 
sand dollars. 

At the beginning of the insured's forty- 
first year, and of every year thereafter for 
thirty years, the amount of insurance will be 
reduced by three hundred dollars. Thirty 
successive annual reductions of three hundred 
dollars bring the amount of insurance to one 
thousand dollars at age seventy, at which 
amount it remains throughout life. 

Equal Monthly (or Annual) premiums are 
[37 1 



payable until the insured reaches age sixty- 
five at which time the policy becomes paid-up. 
The table below shows the protection 
furnished year by year by the combination 
of a deferred annuity policy on which monthly 
premiums of $10 are paid, with a decreasing 
insurance policy, costing $8.58 a month ad- 
ditional, for a man age thirty at entry. 



Illustration of Combined Result 


Deferred Annuity Policy, Teachers Retirement Plan 
Reduced Monthly Premium $10.00 


Decreasing Life Insurance Policy 
Reduced Monthly Premium $8.58 


Issued at Age 30 


AGE 

Attained 

at Beginning 

of Year 


Insurance 
During Year 
Decreasing 

Insurance 
Policy 


Value of 

Accumulated 

Premiums 

Deferred 

Annuity* 


Total 

Insurance 

Value* 


30 
85 
40 
45 
50 


$10,000 

10,000 

10,000 

8,500 

7,000 


$ 60 
740 
1,560 
2,560 
3,780 


$10,060 
10,740 
11,560 
11,060 
10,780 


55 
60 
65 

70 
75 


5,600 
4,000 
2,500 
1,000 
1,000 


5,270 

7,070 

**8,600 

**4,370 

** 140 


10,770 

11,070 

11,100 

5,370 

1,140 


76 


1,000 





1,000 


•Approximate Average for Year. 

•*If at Age 65, Option IV of the Annuity Policy, providing 
Monthly Annuity of $70.54 for life, but for 128 months in any 
event, be selected. 



Illustrationsato///e/Y/^e* will befurnishedupon request. 
[38 1 



Decreasing 
Life Insurance Policy 

The initial amount of insurance will be 
$10,000. The amount of insurance will be 
reduced by thirty equal annual decrements of 
$300 each, beginning at age forty-one, to 
$1,000 at age seventy, after which no further 
reduction will be made. 

Policy fully paid-up at age sixty-five. 

Disability Benefit. 

Loan, Cash Surrender, and Non-forfeiture 
Provision . 

Decreasing Life Insurance policies will not 
be issued on the Monthlj^ Income or Con- 
tinuous Monthly Income plan. 

Table of Reduced Premiums payable if the 
insured is employed by a College, University, 
or institution engaged primarily in educa- 
tional or research work. 

This policy will also be issued in the initial amounts 
of $5,000 and $7,500 with the premiums and decre- 
ments in proportion to those on the $10,000 policy. 



39 



Decreasing Life Insurance Policies 


Initial Amount of Insurance, $10,000 




Premiums 


ceasing at Age 65 


AGE 
Nearest 
Birthday 


Reduced 
Monthly 
Premium 


Reduced 
Quarterly 
Premium 


Reduced 

Semi-Annual 

Premium 


Reduced 

Annual 

Premium 


21 


$7.86 


$23.45 


$46.56 


$91. 77 


22 


7.98 


23.66 


46.97 


92.60 


28 


8.00 


23.88 


47.40 


98.45 


24 


8.07 


24. 10 


47.86 


94.85 


25 


8. 15 


24.34 


48.31 


95.25 


26 


8.24 


24.58 


48.79 


96. 18 


27 


8.32 


24.82 


49.28 


97. 15 


28 


8.41 


25.07 


49.79 


98. 15 


29 


8.49 


25.84 


50.81 


99. 18 


30 


8.58 


25.61 


50.84 


100.28 


31 


8. 68 


25.88 


51.39 


101.31 


82 


8.77 


26. 17 


51.97 


102.44 


33 


8.87 


26.47 


52.54 


103.58 


84 


8.96 


26.77 


58. 14 


104.74 


85 


9.07 


27.07 


58.74 


105.94 


86 


9. 17 


27.38 


54.35 


107. 15 


87 


9.28 


27.69 


54.98 


108.39 


38 


9.39 


28.01 


55.61 


109.68 


39 


9.50 


28.83 


56.24 


110.87 


40 


9.59 


28. 65 


56.86 


112. 10 



For ages above forty a combination of a limited pay- 
ment life and term policies will accomplish a similar 
result. 



40 



Term Insurance 

Term Insurance — more correctly described as 
temporary insurance — is insurance for a 
limited period. If death occurs within the 
term, the insurance becomes payable. If the 
insured survives the term, the contract ex- 
pires. Consequently, many policies of term 
insurance never become claims. The cost of 
such policies is therefore materially less than 
the cost of policies for the whole of life, 
which all become claims, unless forfeited or 
surrendered. 

The low cost of term insurance, especially 
for terms which do not extend into old age, 
permits its use to great advantage to supple- 
ment other forms of protection, or to pro- 
vide against risks which are temporary. 
The Association issues policies of term in- 
surance upon the plans described below, 
but in no case for a term extending beyond 
the insured's seventieth year. 



41 



Term Policies 

Insurance Payable at Death if before Ex- 
piration of Term. 

Disability Waiver of Premium Benefit. 

Non-forfeiture Provision if term is twenty 
years or more, and in Term Policies expiring 
at Ages Sixty to Seventy if term is more 
than five years. 

Tables of Reduced Premiums payable if the 
insured is employed by a College, University, 
or institution engaged primarily in educa- 
tional or research work. 



I 0' ^ - 









/O^' 



O _ 



1^:1 



«1 llt-^l- 




5,^ 



Five Year Term Policies 


AGE 

Nearest 


Reduced Premiums per $1,000 of Insurance 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.68 


$2.00 


$8.96 


$7.79 


22 


.68 


2.01 


3.99 


7. 85 


28 


.68 


2.03 


4.01 


7.90 


24 


.68 


2.03 4.04 1 


7.96 


25 


.69 


2.05 


4.08 


8.03 


26 


.70 


2.07 


4. 11 


8. 10 


27 


. 70 


2.09 


4. 15 


8. 17 


28 


.71 


2. 12 


4. 19 


8.24 


29 


.72 


2. 13 


4.28 


8.33 


80 


. 73 


2. 16 


4.28 


8.42 


81 


. 74 


2. 19 


4.83 


8.63 


32 


.75 


2.21 


4.88 


8.64 


33 


.76 


2.24 


4.45 


8.76 


84 


.77 


2.28 


4. 52 


8.89 


86 


. 77 


2.31 


4.59 


9.04 


36 


.79 


2.36 


4.67 


9.20 


37 


. 81 


2.40 


4.76 


9.38 


38 


.82 


2.46 


4. 86 


9. 57 


39 


. 84 


2.50 


4.96 


9. 77 


^ 40 


.86 


2.57 


5.09 


10.02 


41 


.88 


2.63 


5.22 


10.28 


42 


.91 


2. 71 


5.37 


10. 58 


43 


.94 


2. 79 


5.54 


10.91 


44 


.97 


2.89 


5.78 


11.29 


45 


1.01 


3.00 


5.95 


-11.73 


46 


1.05 


8. 13 


6.21 


12.23 


47 


1.10 


3.28 


6.49 


12.79 


48 


1. 16 


3.44 


6.82 


18.44 


49 


1.22 


3.68 


7. 19 


14. 17 


^ 60 


1.29 


8.83 


7.61 


14.99 


51 


1.37 


4.07 


8.06 


15. 89 


62 


1.46 


4.33 


8. 59 


16.92 


58 


1.56 


4.62 


9. 16 


18.05 


54 


1.66 


4.94 


9.80 


19.31 


55 


1. 78 


5.82 


10.67 


20.82 


56 


1.92 


5. 72 


11.85 


22.37 


57 


2.06 


6. 16 


12.21 


24.08 


68 


2.23 


6.67 


13.23 


26.07 


59 


2.41 


7.20 


14.29 


28. 16 


60 


2.62 


7.82 


15.52 


30.58 



Ten Year Term Policies 




Reduced Premiums per $1,000 of Insurance | 


AGE 

Nearest 


















Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.68 


$2.08 


$4.02 


$7.93 


22 


.68 


2.04 


4.06 


7.99 


28 


. 69 


2.06 


4.09 


8.06 


24 


.70 


2.08 


4. 18 


8.13 


25 


.71 


2. 11 


4. 17 


8.21 


26 


.71 


2. 12 


4.21 


8.29 


27 


.72 


2. 14 


4.26 


8.38 


28 


.73 


2.17 


4.30 


8.48 


29 


.74 


2.20 


4.36 


8.58 


80 


.75 


2.22 


4.42 


8.69 


31 


.76 


2.26 


4.48 


8.83 


82 


. 77 


2.30 


4.55 


8.96 


83 


.78 


2.33 


4.63 


9. 12 


84 


.80 


2.88 


4.72 


9.29 


35 


.82 


2.42 


4.81 


9.47 


86 


.83 


2.48 


4.91 


9.68 


87 


.86 


2.54 


5.08 


9.91 


88 


.87 


2.60 


5. 17 


10.17 


39 


.90 


2.67 


5.80 


10.45 


- 40 


.93 


2.76 


5.47 


^ 10.78 


41 


.95 


2.85 


5.65 


11. 14 


42 


.99 


2.96 


5.87 


11.56 


43 


1.04 


3.08 


6.10 


12.02 


44 


1.08 


8.21 


6.37 


12.56 


45 


1.13 


3.37 


6.68 


13. 16 


46 


1.19 


3.54 


7.03 


13.84 


47 


1.25 


3.74 


7.42 


14.61 


48 


1.32 


3.95 


7. 85 


15.46 


49 


1.41 


4.20 


8.34 


16.43 



For ages 50 to 55, see tables on pages 47- j^. 

This policy now provides for optional conversion, 
within five years from date of issue, without medical 
re-examination, into a Whole Life, Limited Payment 
Life or Endowment Policy. 



44 



. 

Fifteen Year Term Policies 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 
Birthday 






Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.69 


$2.07 


$4. 11 


$8.09 


22 


.70 


2.09 


4. 14 


8. 15 


23 


. 71 


2.11 


4. 19 


8.24 


24 


.72 


2. 13 


4.28 


8.33 


25 


.78 


2. 16 


4.28 


8.42 


26 


.74 


2. 19 


4.33 


8.63 


27 


.75 


2.21 


4.38 


8.64 


28 


.76 


2.24 


4.46 


8.77 


29 


.77 


2.28 


4.52 


8.90 


80 


. 77 


2.31 


4.59 


9.06 


31 


.79 


2.36 


4.67 


9.21 


32 


.81 


2.40 


4.77 


9.39 


33 


.83 


2.46 


4.87 


9.59 


84 


.85 


2.51 


4.98 


9.81 


86 


.86 


2.57 


5.11 


10.06 


86 


.89 


2.65 


5.26 


10.36 


37 


.92 


2.73 


5.41 


10.66 


88 


.95 


2.82 


5.59 


11.02 


89 


.98 


2.93 


5.80 


11.42 


- 40 


1.02 


8.08 


6.08 


11.87 


41 


1.06 


8.17 


6.27 


12.87 


42 


1.12 


8.31 


6.57 


12.94 


48 


1.17 


8.47 


6.89 


18.57 


44 


1.22 


8.65 


7.26 


14.27 



For ages 45 and above, see tables on pages 47-57. 




45 



Twenty Year Term Policies 


AGE 

Nearest 
Birthday 


Reduced Premiums per $1,000 of Insurance 


Monthly 


Quarterly 


Semi-Annual 


Anniial 


21 




$.71 


$2. 12 


$4.20 


$8.28 


32 




.72 


2. 14 


4.26 


8.38 


28 




.78 


2. 17 


4.80 


8.48 


24 




.74 


2.20 


4.36 


8.59 


25 




.75 


2.28 


4.43 


8.71 


26 




.77 


2.26 


4.49 


8.84 


27 




.77 


2.30 


4.56 


8.98 


28 




. 78 


2.34 


4.64 


9. 14 


29 




.80 


2.89 


4. 73 


9.32 


30 




.82 


2.43 


4.82 


9.50 


81 




.84 


2.49 


4.94 


9.73 


32 




.86 


2.56 


5.07 


9.98 


83 




.88 


2.63 


5.20 


10.25 


34 




.91 


2. 70 


5.86 


10.56 


35 




.94 


2.79 


5. 54 


10.91 


86 




.97 


2.89 


5.73 


11.29 


37 




1.01 


3.00 


5.95 


11.72 


88 




1.05 


3. 12 


6. 19 


12.20 


39 




1. 10 


3.26 


6.46 


12. 74 



For ages 40 and above, see tables on pages 47-57. 



40 



Term Insurance Expiring at Age 60 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.85 


$2.51 


$4.98 


$9.81 


S2 


.86 


2.54 


5.04 


9.92 


23 


.86 


3. 57 


5.09 


10.04 


24 


.87 


2.60 


5. 17 


10. 17 


25 


.88 


2.64 


5.23 


10.30 


26 


.90 


2.67 


5.30 


10.44 


27 


.91 


2.71 


5.37 


10. 68 


28 


.93 


2.75 


5.45 


10. 74 


29 


.94 


2. 79 


5.54 


10.90 


30 


.95 


2.84 


5.62 


11.07 


31 


.96 


2.88 


5.71 


11.24 


32 


.98 


2.93 


5. 81 


11.43 


33 


1.00 


2.98 


5.90 


11. 63 


34 


1.02 


3.02 


6.00 


11.83 


35 


1.04 


3.09 


6. 12 


12.06 


36 


1.05 


3. 14 


6.23 


12.28 


37 


1.08 


3.20 


6.35 


12.62 


38 


1. 10 


3.27 


6.49 


12.78 


39 


1. 13 


3.34 


6.62 


13.05 


40 


1.14 


3.41 


6. 77 


13.34 


41 


1. 18 


3.52 


6.98 


13.74 


42 


1.21 


3.60 


7. 15 


14.08 


43 


1.24 


3.69 


7.33 


14.43 


44 


1.27 


3. 78 


7.51 


14.79 


45 


1.31 


3. 89 


7. 70 


15. 18 


46 


1.34 


4.00 


7.92 


15.61 


47 


1.38 


4. 10 


8. 15 


16.06 


48 


1.42 


4.23 


8.39 


16.63 


49 


1.47 


4.36 


8.65 


17.05 


50 


1. 51 


4.50 


8.93 


17.59 


51 


1. 56 


4.64 


9.22 


18. 15 


62 


1.61 


4.80 


9.52 


18.77 


53 


1.67 


4.97 


9.86 


19.41 


54 


1.73 


5. 14 


10.20 


20. 10 


55 


1.78 


5.32 


10.57 


20.82 


56 


1.85 


5.52 


10.94 


21. 57 


57 


1.92 


5.72 


11.36 


22.37 


58 


1.99 


5.94 


11.78 


23.22 


59 


2.07 


6. 17 


12.23 


24. 10 



[47 



Term Insurance Expiring at Ag 


e61 


AGE 


Reduced Premiiuns per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.86 


$2.55 


$5.05 


$9.94 


22 


.86 


2.57 


5. 11 


10.07 


28 


.87 


2.61 


5. 18 


10. 19 


24 


.89 


2.65 


5.25 


10.83 


25 


.90 


2.68 


5.81 


10.47 


26 


.91 


2.72 


5.89 


10.61 


27 


.93 


2.75 


5.46 


10.76 


28 


.94 


2.80 


5.54 


10.93 


29 


.95 


2.84 


5.63 


11. 10 


30 


.97 


2.89 


5.72 


11.28 


31 


.98 


2.93 


5.81 


11.46 


32 


1.00 


2.98 


5.91 


11.66 


33 


1.02 


3.03 


6.03 


11.87 


34 


1.04 


8.09 


6.13 


12.08 


85 


1.06 


3.15 


6.25 


12.31 


86 


1.08 


8.21 


6.87 


12.56 


37 


1.10 


8.28 


6.51 


12.82 


38 


1.13 


3.38 


6.70 


13.19 


39 


1.16 


3.45 


6.84 


13.48 


40 


1.19 


3.58 


7.00 


18.79 


41 


1.22 


3.61 


7. 16 


14. 10 


42 


1.24 


3.70 


7.34 


14.45 


48 


1.27 


3.79 


7.52 


14.81 


44 


1.31 


3.89 


7.72 


15.21 


45 


1.84 


4.00 


7.94 


15.63 


46 


1.38 


4. 11 


8.15 


16.07 


47 


1.42 


4.23 


8.40 


16.54 


48 


1.47 


4.36 


8.65 


17.05 


49 


1.51 


4.50 


8.93 


17.59 


50 


1.56 


4.64 


9.22 


18. 15 


51 


1.61 


4.80 


9.52 


18.77 


52 


1.67 


4.96 


9.85 


19.40 


53 


1.72 


5.14 


10.20 


20.09 


54 


1.78 


5.32 


10.56 


20.81 


55 


1.85 


5.52 


10.94 


21.56 


56 


1.92 


5.72 


11.85 


22.37 


57 


1.99 


5.93 


11.77 


28.20 


58 


2.07 


6. 16 


12.22 


24.09 


59 


2. 14 


6.40 


12. 70 


25.03 


60 


2.23 


6.65 


13. 19 


26.01 



48 



Teriu Insurance Expiring at Age 62 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarteily 


Semi-Annual 


Annual 


21 


$. 86 


$2. 68 


$5. 12 


$10.09 


SS 


.88 


2.61 


6. 18 


10.22 


23 


.89 


2.65 


5.26 


10.35 


24 


.90 


2.68 


5.32 


10.49 


25 


.92 


2. 72 


6.40 


10.64 


26 


.93 


2.76 


5.48 


10. 79 


27 


.95 


2.81 


5.66 


10.96 


28 


.95 


2. 84 


5.64 


11. 12 


29 


.97 


2.89 


5. 74 


11.30 


30 


.99 


2.94 


5.88 


11.48 


31 


1.01 


2.99 


6.98 


11. 69 


32 


1.03 


3.04 


6.04 


11.90 


33 


1.04 


3. 10 


6. 15 


12. 11 


84 


1.06 


3. 16 


6.26 


12.35 


36 


1.08 


3.22 


6.39 


12.59 


36 


1. 12 


3.31 


6.68 


12.96 


37 


1.18 


3.38 


6. 71 


13.23 


38 


1.16 


3.46 


6.86 


13. 62 


89 


1. 19 


3.54 


7.02 


13.82 


40 


1.22 


3.62 


7. 18 


14. 16 


41 


1.24 


3. 71 


7.85 


14.49 


42 


1.28 


3.80 


7.53 


14.86 


43 


1.31 


3.90 


7. 73 


15.24 


44 


1.34 


4.01 


7.94 


15. 64 


46 


1.38 


4. 11 


8. 16 


16.08 


46 


1.42 


4.24 


8.41 


16.56 


47 


1.47 


4.87 


8.66 


17.06 


48 


1.51 


4.50 


8.98 


17.59 


49 


1.56 


4.64 


9.22 


18. 15 


50 


1.61 


4.80 


9.62 


18.76 


51 


1.67 


4.96 


9.86 


19.40 


52 


1.72 


5. 18 


10. 19 


20.08 


58 


1.78 


5.32 


10. 66 


20. 79 


54 


1.85 


6.51 


10.94 


21.65 


55 


1.92 


5.72 


11.84 


22.86 


66 


1.99 


6.93 


11.76 


28. 18 


67 


2.06 


6. 16 


12.21 


24.08 


58 


2.14 


6.39 


12. 69 


26.00 


59 


2.23 


6.64 


13. 19 


25.99 


60 


2.32 


6.91 


13.72 


27.04 



49 



Tenii Insurance Expiring at Age 63 


AGE 


Reduced Premiums per SI, COO of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$. 88 


$2.62 


$5.20 


$10.24 


22 


. 89 


2.66 


5.27 


10.37 


23 


.91 


2.69 


5.34 


10.62 


24 


.92 


2.73 


5.41 


10.66 


25 


.93 


2.77 


5.49 


10.82 


28 


.95 


2.81 


5. 57 


10.98 


27 


.96 


2.86 


5.66 


11. 15 


28 


.97 


2.90 


5.75 


11.38 


29 


.99 


2.96 


5. 85 


11.52 


80 


1.01 


3.00 


5.95 


11.72 


31 


1.03 


8.05 


6.06 


11.93 


32 


1.04 


3.11 


6. 17 


12. 15 


33 


1.06 


3. 17 


6.28 


12.38 


34 


1. 10 


3.26 


6.46 


12.74 


35 


1. IS 


3.32 


6.59 


12.99 


36 


1. 14 


3.39 


6.73 


13.27 


37 


1. 16 


3.47 


6.88 


18.55 


38 


1. 19 


3.55 


7.04 


13.86 


39 


1.22 


3.63 


7. 19 


14. 18 


40 


1.25 


3.72 


7.37 


14.52 


41 


1.28 


3.81 


7.55 


14.88 


42 


1.31 


3.91 


7. 75 


15.26 


43 


1.34 


4.01 


7.96 


15.67 


44 


1.39 


4. 12 


8. 17 


16. 11 


45 


1.42 


4.24 


8.41 


16.57 


46 


1.47 


4.37 


8.66 


17.06 


47 


1.51 


4.50 


8.93 


17. 59 


48 


1.66 


4.64 


9.22 


18. 15 


49 


1.62 


4.82 


9.67 


18.86 


50 


1. 67 


4.99 


9.89 


19.49 


51 


1. 73 


5. 16 


10.23 


20. 16 


52 


1.79 


5.84 


10.59 


20. 87 


53 


185 


5.53 


10.97 


21. 63 


54 


1.93 


5.73 


11.39 


22.43 


55 


2.00 


5.95 


11.81 


23.27 


56 


2.07 


6. 17 


12.26 


24. 16 


57 


2. 15 


6.42 


12. 74 


25.09 


58 


2.23 


6. 67 


13.23 


26.07 


59 


2.32 


6.93 


13. 76 


27. 12 


60 


2.42 


7.21 


14.31 


28.21 



50 



Temi Insurance Expiring at Age 64 


AGE 


Reduced Premiums per SI, 000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


S emi- Annual 


Annual 


SI 


$.89 


$2. 66 


$5.27 


$10. 39 


22 


.91 


2.70 


5.36 


10.54 


23 


.92 


2.74 


5.43 


10.69 


24 


.94 


2. 77 


5.50 


10. 84 


25 


.95 


2. 82 


5.59 


11.01 


26 


.96 


2.86 


5.68 


11. 18 


27 


.97 


2.91 


5. 77 


11.36 


28 


.99 


2.95 


5.86 


11. 55 


29 


1.01 


3.01 


5.96 


11. 75 


80 


1.08 


3.06 


6.08 


11.96 


81 


1.04 


8. 11 


6. 18 


12. 18 


82 


1.06 


3. 18 


6.30 


12.41 


33 


1. 10 


8.27 


6.48 


12. 76 


84 


1. 12 


3.33 


6. 61 


13.01 


35 


1. 14 


8.40 


6. 76 


13.29 


86 


1. 17 


3.47 


6.89 


13.57 


87 


1.20 


8.56 


7.05 


13. 89 


88 


1.22 


3. 64 


7.21 


14.20 


39 


1.25 


3. 72 


7.38 


14.54 


40 


1.28 


3.82 


7.57 


14.90 


41 


1.31 


3.91 


7.76 


16.28 


42 


1.86 


4.01 


7.97 


15.70 


48 


1.89 


4. 12 


8. 19 


16. 18 


44 


1.42 


4.24 


8.42 


16.59 


46 


1.48 


4.39 


8.71 


17. 17 


46 


1. 52 


4.58 


8.98 


17.69 


47 


1.57 


4.67 


9.26 


18.25 


48 


1.62 


4.82 


9. 57 


18.85 


49 


1.67 


4.98 


9.88 


19.48 


60 


1.78 


6. 16 


10.22 


20. 14 


61 


1. 79 


5.38 


10. 58 


20.84 


52 


1. 85 


5. 52 


10.95 


21.59 


58 


1.92 


5. 72 


11.87 


22.89 


64 


1.99 


5.94 


11.78 


23.22 


86 


2.07 


6. 17 


12.28 


24. 11 


56 


2. 15 


6.41 


12. 72 


25.06 


67 


2.23 


6.66 


13.21 


26.04 


68 


2.82 


6.92 


13. 73 


27.07 


69 


2.41 


7.20 


14.29 


28. 16 


60 


2.51 


7.50 


14. 88 


S9.32 



51 



Term Insurance Expiring at Age 65 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.91 


$2.70 


$5.36 


$10.65 


22 


.92 


2.76 


5.44 


10.71 


28 


.94 


2.78 


6.51 


10.86 


24 


.95 


2. 82 


5.60 


11.08 


25 


.96 


2.86 


6.69 


11.20 


26 


.98 


2.91 


5. 78 


11.38 


27 


.99 


2.96 


5.87 


11.67 


28 


1.01 


3.02 


6.98 


11. 77 


29 


1.03 


3.06 


6.08 


11.98 


80 


1.04 


8. 12 


6. 19 


12.20 


81 


1.07 


3. 19 


6.32 


12.44 


32 


1. 10 


3.28 


6.49 


12. 79 


88 


1. 13 


3.34 


6.62 


13.05 


84 


1. 14 


3.41 


6. 76 


13.82 


85 


1. 17 


3.48 


6.90 


13.61 


86 


1.20 


3.56 


7.06 


13.91 


87 


1.22 


3.64 


7.22 


14.28 


88 


1.25 


3. 78 


7.89 


14.56 


89 


1.28 


8.81 


7.58 


14.92 


40 


1.81 


8.92 


7.77 


15.31 


41 


1.35 


4.01 


7.97 


15.71 


42 


1.89 


4. 18 


8. 19 


16. 14 


48 


1.42 


4.24 


8.42 


16.69 


44 


1.48 


4.89 


8.72 


17. 18 


46 


1.52 


4. 53 


8.98 


17.69 


46 


1.67 


4. 66 


9.26 


18.24 


47 


1.62 


4. 82 


9.66 


18.84 


48 


1. 67 


4.98 


9. 87 


19.46 


49 


1. 73 


5. 15 


10.21 


20. 12 


50 


1.78 


5.82 


10.67 


20.82 


51 


1.85 


5. 61 


10.94 


21.66 


62 


1.98 


6. 74 


11.39 


22.46 


53 


2.00 


5.96 


11.82 


23.29 


64 


2.07 


6. 18 


12.27 


24. 17 


66 


2. 15 


6.42 


12. 74 


26. 10 


66 


2.23 


6.67 


13.24 


26.08 


57 


2.82 


6.93 


13. 76 


27. 13 


58 


2.42 


7.21 


14.32 


28.22 


69 


2.52 


7. 51 


14.90 


29.38 


60 


2.62 


7. 82 


16. 52 


30. 58 



52 



Term Insurance Expiring at Age 66 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.92 


$2.75 


$5.46 


$10.72 


22 


.94 


2.78 


5.53 


10.88 


23 


.96 


2.83 


6.61 


11.06 


24 


.96 


2.87 


5.70 


11.21 


25 


.98 


2.92 


6. 79 


11.39 


26 


1.00 


2.97 


5. 89 


11.59 


27 


1.02 


3.02 


6.99 


11.79 


28 


1.04 


3.07 


6.09 


12.00 


29 


1.05 


3. 13 


6.21 


12.23 


80 


1.07 


3. 19 


6.33 


12.46 


81 


1. 10 


3.28 


6.51 


12.82 


82 


1. 13 


3.34 


6.63 


13.07 


83 


1. 14 


3.41 


6.77 


13.34 


84 


1. 17 


3.48 


6.91 


13.63 


85 


1.20 


3.66 


7.07 


13.92 


86 


1.22 


3. 66 


7.23 


14.26 


37 


1.25 


3. 74 


7.41 


14. 69 


88 


1.29 


3.83 


7.69 


14.96 


39 


1.31 


3.92 


7.78 


16.32 


40 


1.36 


4.02 


7.98 


16.72 


41 


1.39 


4. 13 


8.20 


16. 15 


42 


1.42 


4.25 


8.42 


16.60 


43 


1.48 


4.39 


8. 72 


17. 18 


44 


1.62 


4.63 


8.98 


17.69 


45 


1.57 


4.66 


9.26 


18.23 


46 


1.61 


4.81 


9. 65 


18.81 


47 


1.67 


4.97 


9.86 


19.42 


48 


1.72 


5. 13 


10. 19 


20.07 


49 


1. 78 


6.31 


10.54 


20.77 


50 


1.85 


5. 53 


10.97 


21.62 


51 


1.92 


6.72 


11.37 


22.40 


52 


1.99 


5.94 


11. 79 


23.23 


53 


2.07 


6. 17 


12.23 


24. 10 


54 


2. 14 


6.40 


12.70 


26.03 


55 


2.24 


6.68 


13.26 


26. 12 


56 


2.33 


6.95 


13.78 


27. 16 


57 


2.42 


7.23 


14.34 


28.25 


58 


2.52 


7. 62 


14.92 


29.40 


59 


2.63 


7. 83 


16. 53 


30.62 


60 


2. 74 


8.15 


16. 18 


31.90 



53 



Teim Insurance Expiring at Age 67 


AGE 

Nearest 


Reduced Premiums per SI, 000 of Insurance 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.94 


$2.79 


$5.53 


$10.89 


22 


.95 


2.84 


5.62 


11.06 


23 


.96 


2.87 


6. 71 


11.23 


24 


.98 


2.93 


5.80 


11.42 


25 


1.00 


2.97 


5.90 


11.61 


26 


1.02 


3.02 


5.99 


11.80 


27 


1.04 


3.08 


6.10 


12.02 


28 


1.05 


3. 13 


6.21 


12.24 


29 


1.08 


3.22 


6.39 


12.58 


30 


1. 10 


3.29 


6.51 


12.83 


31 


1. 13 


3.35 


6.64 


13.09 


32 


1. 14 


3.42 


6. 78 


13.36 


33 


1. 17 


3.49 


6.93 


13.64 


34 


1.20 


3.57 


7.08 


13.95 


35 


1.22 


3. 65 


7.25 


14.27 


36 


1.25 


3. 74 


7.41 


14.60 


37 


1.29 


3.83 


7.60 


14.96 


38 


1.31 


3.92 


7.78 


15.33 


89 


1.35 


4.02 


7.98 


15. 72 


40 


1.39 


4. 13 


8.20 


16. 15 


41 


1.43 


4.28 


8.48 


16.70 


42 


1.48 


4.39 


8.71 


17.17 


43 


1.52 


4.53 


8.97 


17.69 


44 


1.57 


4.66 


9.24 


18.22 


45 


161 


4.81 


9. 53 


18.78 


46 


1.67 


4.96 


9.85 


19.40 


47 


1. 72 


5. 12 


10. 17 


20.03 


48 


1.79 


5.33 


10.58 


20.84 


49 


1.85 


5.52 


10.94 


21. 56 


50 


1.92 


5.72 


11.34 


22.34 


51 


1.99 


5.92 


11. 75 


23. 17 


52 


2.06 


6. 15 


12.20 


24.03 


53 


2. 15 


6.41 


12.72 


25.06 


54 


2.23 


6.65 


13.20 


26.03 


55 


2.32 


6.92 


13.73 


27.06 


56 


2.41 


7 . 20 


14.28 


28. 15; 


57 


2. 52 


7. 52 


14.92 


29. 4U 


58 


2. 63 


7.83 


15. 53 


30.62? 


59 


2. 74 


8. 15 


16. 18 


31.90{s 


60 


2.85 


8. 50 


16. 87 


33.26 



5i ] 



Term Insurance Expiring at Age 68 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Ann ual 


Annual 


31 


$.96 


$2.84 


$6.62 


$11.07 


22 


.96 


2.88 


5.71 


11.24 


23 


.98 


2.93 


5. 81 


11.43 


24 


1.00 


2.97 


5.90 


11.62 


25 


1.02 


3.02 


6.00 


11.82 


26 


1.04 


3.08 


6. 10 


12.02 


27 


1.05 


3. 13 


6.22 


12.26 


28 


1.08 


3.22 


6.40 


12.60 


29 


1. 11 


3.29 


6.52 


12.83 


30 


1. 13 


3.35 


6.65 


13. 10 


31 


1. 15 


3.42 


6.79 


13.37 


32 


1. 17 


3.49 


6.93 


13.64 


33 


1.20 


3.67 


7.08 


13.96 


34 


1.22 


3.66 


7.26 


14.27 


85 


1.25 


3. 74 


7.42 


14. 61 


36 


1.29 


3. 83 


7.60 


14.98 


37 


1.31 


3.92 


7. 78 


15.33 


38 


1.35 


4.02 


7.98 


16.72 


39 


1.39 


4. 13 


8.20 


16. 15 


40 


1.43 


4.27 


8.47 


16. 70 


41 


1.48 


4.39 


8.71 


17. 16 


42 


1.51 


4.52 


8.96 


17.67 


43 


1.57 


4.65 


9.23 


18.20 


44 


1.61 


4.80 


9.52 


18. 76 


46 


1.66 


4.95 


9. 82 


19.36 


46 


1.72 


5. 11 


10. 16 


20.00 


47 


1. 78 


5.31 


10.54 


20.77 


48 


1. 85 


5.50 


10.91 


21.49 


49 


1.91 


5.70 


11.30 


22.27 


50 


1.98 


5.90 


11. 71 


23.08 


51 


2.06 


6. 15 


12.20 


24.05 


62 


2. 14 


6.38 


12.66 


24.96 


53 


2.22 


6.63 


13. 16 


25.93 


54 


2.31 


6.89 


18.67 


26.95 


55 


2.41 


7. 19 


14.27 


28. 13 


56 


2.51 


7.49 


14. 86 


29.29 


67 


2.61 


7.79 


15.48 


30. 50 


58 


2.74 


8.15 


16. 17 


31. 88 


59 


2.84 


8.50 


16.86 


33.23 


60 


2.97 


8.86 


17.58 


34.65 



55 



Teim Insurance Expiring at Age 69 


AGE 

Nearest 


Reduced Premiums per $1,000 of Insurance 










Birthday 


Monthly 


Quarterly 


Semi-Ann ual 


Annual 


21 


$.96 


$2.88 


$5.72 


$11.25 


22 


.98 


2.93 


5.81 


11.43 


23 


1.00 


2.97 


5.90 


11.62 


24 


1.02 


3.02 


6.00 


11.83 


25 


1.04 


3.08 


6. 11 


12.04 


26 


1.05 


3. 13 


6.22 


12.26 


27 


1.08 


3.22 


6.40 


12.60 


28 


1. 11 


3.29 


6.52 


12.84 


29 


1. 13 


3.35 


6. 65 


13. 10 


30 


1. 15 


3.42 


6.79 


13.37 


31 


1. 17 


3.49 


6.93 


13. 65 


32 


1.20 


3.67 


7.08 


13.96 


33 


1.22 


3.65 


7.25 


14.27 


34 


1.25 


3. 74 


7.41 


14. 60 


35 


1.29 


3. 83 


7.59 


14.95 


36 


1.31 


3.92 


7.78 


15.33 


37 


1.35 


4.02 


7.97 


15.71 


38 


1.39 


4. 12 


8. 19 


16. 13 


39 


1.43 


4.27 


8.46 


16. 68 


40 


1.47 


4.38 


8.70 


17. 15 


41 


1. 51 


4.51 


8.95 


17.63 


42 


1. 56 


4.64 


9.22 


18. 15 


43 


1. 60 


4. 79 


9.50 


18. 71 


44 


1.66 


4.94 


9.80 


19.31 


45 


1.71 


5.09 


10. 12 


19.94 


46 


1. 77 


5.29 


10. 61 


20.71 


47 


1.84 


5.48 


10. 87 


21.42 


48 


1.90 


5. 67 


11.25 


22. 18 


49 


1.97 


5.88 


11.66 


22.99 


50 


2.05 


6. 12 


12.15 


23.94 


51 


2. 13 


6.35 


12. 61 


24.84 


52 


2.21 


6.60 


13. 10 


25.80 


53 


2.30 


6.86 


18.61 


26. 82 


64 


2.40 


7. 16 


14.21 


28.00 


55 


2. 50 


7.45 


14.79 


29 . 1.4 


56 


2. 60 


7.76 


15.39 


30.34 


57 


2. 72 


8. 11 


16.09 


31.72 


58 


2.84 


8.45 


16.78 


33.06 


59 


2.95 


8. 81 


17.50 


34.48 


60 


3.08 


9. 19 


18.25 


35.96 



Term Insurance Expiring at Age 70 


AGE 


Reduced Premiums per SI, 000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$.98 


$2.93 


$5.81 


$11.48 


22 


1.00 


2.97 


5.90 


11.62 


23 


1.02 


3.02 


6.00 


11.83 


24 


1.04 


3.08 


6. 11 


12.04 


26 


1.05 


3. 13 


6.22 


12.26 


26 


1.08 


8.22 


6.40 


12.60 


27 


1. 11 


3.29 


6. 52 


12.83 


28 


1. 13 


3.35 


6. 65 


13. 10 


29 


1. 15 


3.42 


6. 79 


13. 37 


30 


1.17 


3.49 


6.93 


13.64 


81 


1.20 


3. 57 


7.08 


13.95 


82 


1.22 


3. 66 


7.24 


14.26 


33 


1.25 


3. 74 


7.41 


14. 69 


34 


1.29 


3.83 


7. 59 


14.94 


35 


1.31 


3.92 


7.77 


15.31 


86 


1.85 


4.01 


7.97 


15. 70 


37 


1.39 


4. 12 


8.17 


16. 11 


38 


1.43 


4.26 


8.45 


16.65 


39 


1.47 


4.37 


8.69 


17. 12 


40 


1.51 


4.50 


8.93 


17.60 


41 


1.56 


4. 64 


9.20 


18. 12 


42 


1.60 


4.77 


9.48 


18. 67 


43 


1. 65 


4.92 


9.77 


19.24 


44 


1.70 


5.08 


10.08 


19.86 


45 


1.77 


5.27 


10.47 


20.63 


46 


1.83 


5.45 


10.83 


21.33 


47 


1.89 


5.64 


11.20 


22.07 


48 


1.96 


5.84 


11.60 


22. 86 


49 


2.04 


6.09 


12.09 


23.82 


50 


2. 12 


6.32 


12.54 


24.71 


51 


2.20 


6.66 


18.02 


25.66 


52 


2.29 


6.81 


18.63 


26.66 


53 


2.39 


7. 11 


14. 12 


27.88 


54 


2.48 


7.41 


14.70 


28.96 


65 


2.59 


7.73 


16.35 


80.26 


66 


2.70 


8.06 


15.99 


81. 62 


57 


2.82 


8.40 


16.68 


32.86 


58 


2.93 


8.76 


17.89 


84.26 


59 


3.07 


9. 17 


18.20 


86.87 


60 


3.20 


9.57 


18.99 


37.43 



57 



Life Policies 

Premiums Payable during Life ; or 

Premiums Payable for Twe7ity Years ; or 

Premiums Ceasing at Age 65. 

Insurance Payable at Death. 

Disability Waiver of Premium Benefit. 

Loan, Cash Surrender, and Non-forfeiture 
Provisions . 

Tables of Reduced Premiums payable if the 
insured is employed by a College, University, 
or institution engaged primarily in educa- 
tional or research work. 



58 



Whole Life Policies 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Aimual 


Annual 


21 


$1.20 


$3.56 


$7.06 


$18.91 


32 


1.22 


8.64 


7.21 


14.21 


23 


1.26 


8.78 


7.89 


14.65 


24 


1.28 


8.81 


7.56 


14.90 


25 


1.81 


3.91 


7. 74 


16.26 


26 


1.84 


4.01 


7.94 


15. 65 


27 


1.38 


4. 10 


8. 15 


16.06 


28 


1.41 


4.21 


8.36 


16.48 


29 


1.46 


4.33 


8. 60 


16.93 


80 


1.49 


4.46 


8.88 


17.40 


81 


1.54 


4. 58 


9.08 


17.90 


82 


1. 68 


4. 72 


9.85 


18.42 


88 


1.68 


4.85 


9.68 


18.97 


84 


1.67 


5.00 


9.92 


19. 55 


86 


1.78 


6. 17 


10.24 


20. 19 


36 


1.79 


6.88 


10.58 


20. 84 


37 


1.86 


5.61 


10.98 


21.64 


88 


1.91 


5.70 


11.30 


22.28 


89 


1.98 


6.90 


11. 70 


23.06 


40 


2.04 


6. 10 


12. 11 


23.88 


41 


2. 12 


6.84 


12.57 


24. 78 


42 


2.21 


6. 57 


18.04 


26.70 


43 


2.29 


6.82 


18.56 


26.69 


44 


2.38 


7. 10 


14.09 


27.77 


46 


2.48 


7.38 


14.65 


28.88 


46 


2.57 


7.69 


15.26 


80.08 


47 


2.69 


8.02 


15.91 


31.87 


48 


2.81 


8.36 


16.61 


32.72 


49 


2.93 


8.74 


17.84 


84.18 


50 


3.06 


9. 14 


18. 14 


85.75 


51 


8.20 


9.56 


18.98 


87.40 


62 


8.36 


10. 01 


19.86 


89. 15 


53 


8.52 


10.49 


20.82 


41.03 


54 


8. 69 


11.00 


21.83 


43.04 


65 


8.87 


11.56 


22.91 


46. 17 


56 


4.06 


12. 12 


24.07 


47.44 


57 


4.27 


12.74 


25.30 


49.86 


68 


4.49 


18.40 


26.60 


52.44 


69 


4.78 


14.10 


27.99 


55. 17 


60 


4.97 


14.84 


29.46 


58.06 



59 



Limited Payment Life Policies 


Fully paid-up 


at the end of 20 years 


AGE 


Reduced Premiums per SI, 000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$1.82 


$5.41 


$10.75 


$21. 17 


22 


1.85 


6.50 


10.92 


21.51 


23 


1.87 


5.59 


11. 10 


21.87 


24 


1.91 


6.69 


11.29 


22.25 


25 


1.94 


5. 79 


11.48 


22. 64 


26 


1.98 


5.90 


11.69 


23.04 


27 


2.01 


5.99 


11.90 


23.45 


28 


2.05 


6. 11 


12. 12 


23.90 


29 


2.09 


6.23 


12.36 


24.35 


30 


2. 12 


6.85 


12.60 


24.82 


81 


2. 17 


6.48 


12.85 


26.84 


82 


2.21 


6.62 


13. 12 


25.86 


83 


2.26 


6.75 


13.39 


26.40 


84 


2.31 


6.89 


13. 68 


26.96 


85 


2.87 


7.05 


13.99 


27.57 


86 


2.41 


7.21 


14.30 


28. 19 


87 


2.48 


7.37 


14. 63 


28.84 


88 


2.53 


7. 55 


14.98 


29.52 


89 


2.59 


7. 73 


15.35 


30.24 


40 


2.66 


7.98 


15.74 


81.02 


41 


2. 73 


8. 13 


16. 14 


31. 81 


42 


2.80 


8.35 


16.57 


32.66 


43 


2.88 


8.59 


17.04 


33.57 


44 


2.96 


8.83 


17.51 


34.52 


45 


3.04 


9.08 


18.04 


35.54 


46 


3. 14 


9. 36 


18.58 


36.61 


47 


3.24 


9.66 


19. 16 


37.76 


48 


3.34 


9.96 


19. 77 


38.98 


49 


3.45 


10.29 


20.42 


40.26 


50 


3.56 


10. 64 


21. 12 


41.63 


51 


3.69 


11.01 


21.86 


43.07 


52 


8.83 


11.40 


22. 64 


44.61 


68 


8.96 


11.82 


23.46 


46.24 


54 


4.11 


12.27 


24.35 


47.99 


56 


4.27 


12.74 


25.29 


49. 84 


56 


4.44 


13.25 


26.30 


61.83 


57 


4.62 


18. 79 


27.37 


53.95 


68 


4.82 


14.36 


28.51 


56.20 


59 


5.02 


14.98 


29.73 


58. 60 


60 


5.24 


15.63 


31.03 


61. 16 



60 



Limited Payment Life Policies 




Fully paid-up at Age 65 




AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


$1.26 


$3. 74 


$7.43 


$14.63 


22 


1.29 


3.83 


7.61 


14.99 


23 


1.32 


3.94 


7.82 


15.41 


24 


1.36 


4.04 


8.03 


15.81 


25 


1.40 


4. 16 


8.25 


16.26 


26 


1.43 


4.28 


8.48 


16.71 


27 


1.48 


4.40 


8. 74 


17.22 


28 


1. 52 


4.54 


9.00 


17. 73 


29 


1.67 


4.68 


9.29 


18.30 


80 


1.62 


4.88 


9.59 


18.88 


31 


1.67 


5.00 


9.91 


19. 52 


32 


1. 73 


5. 17 


10.24 


20. 19 


33 


1. 79 


5.85 


10.61 


20.91 


34 


1.86 


5.54 


11.00 


21.68 


35 


1.94 


6.76 


11.43 


22. 52 


36 


2.01 


5.98 


11. 87 


23.39 


87 


2.09 


6.23 


12.37 


24.36 


88 


2. 18 


6.49 


12.88 


26.38 


89 


2.27 


6. 77 


13.44 


26.49 


40 


2.38 


7.08 


14.05 


27.69 


41 


2.48 


7.41 


14. 71 


28.99 


42 


2.61 


7. 78 


15.44 


30.43 


43 


2.74 


8. 17 


16.22 


31.97 


44 


2.88 


8.60 


17.08 


33. 66 


45 


3.04 


9.08 


18.04 


36. 54 


46 


3.22 


9.61 


19.08 


37.60 


47 


3.42 


10. 19 


20.23 


39.87 


48 


3.64 


10.86 


21.53 


42.43 


49 


3.88 


11.57 


22.97 


45.27 


50 


4. 15 


12.39 


24.60 


48.48 


51 


4.46 


13.82 


26.44 


52. 11 


52 


4.82 


14.38 


28.55 


56.28 


53 


5.23 


15.62 


31.00 


61.09 


54 


5.72 


17. 06 


33.85 


66.72 


55 


6.28 


18.76 


37.23 


73.39 


56 


6.98 


20.82 


41.32 


81.45 


57 


7. 82 


23.36 


46.37 


91.40 


58 


8.91 


26.59 


62. 78 


104.04 


59 


10.33 


30.83 


61.22 


120. 67 


60 


12.29 


36. 71 


72.88 


143.67 



61 



Endowment Insurance Policies 

Insurance Payable at End of Endowment 
Period or at Prior Death. 

Premiums Payable Until Maturity. 

Disability Waiver of Premium Benefit. 

Loan, Cash Surrender, and Non-forfeiture 
Provisions. 

Tables of Reduced Premiums payable if the 
insured is employed by a College, University, 
or institution engaged primarily in educa- 
tional or research work . 



62 



Endowment Insurance Policies 




Maturing at Age 


65 




AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi- Annual 


Annual 


21 


$1.41 


$4.22 


$8.37 


$16.50 


22 


1.46 


4.34 


8.61 


16.97 


23 


1.50 


4.46 


8.87 


17.47 


24 


1.55 


4. 60 


9. 14 


17.99 


25 


1.59 


4. 74 


9.41 


18. 54 


26 


1.64 


4.90 


9. 71 


19. 14 


27 


1. 70 


5.06 


10.04 


19. 78 


28 


1.76 


5.23 


10.37 


20.44 


29 


1.82 


5.41 


10.74 


21. 15 


30 


1.88 


5.60 


11. 12 


21.91 


31 


1.94 


5. 81 


11. 53 


22. 72 


32 


2.03 


6.03 


11.98 


23.60 


33 


2. 11 


6.26 


12.44 


24. 52 


34 


2. 19 


6.53 


12.95 


25. 52 


36 


2.28 


6.80 


13.49 


26. 5G 


86 


2. v»8 


7.09 


14.07 


27.73 


37 


2.48 


7.41 


14. 70 


28.96 


38 


2.60 


7.75 


15.37 


30. 80 


39 


2.72 


8. 12 


16. 11 


31. 75 


40 


2.85 


8. 51 


16.90 


33. 8S 


41 


3.01 


8.96 


17.78 


35.04 


42 


3. 16 


9.43 


18.72 


86.90 


43 


8.34 


9.95 


19. 76 


38.93 


44 


8.53 


10.53 


20.90 


41. 18 


45 


3. 74 


11. 16 


22.15 


43.66 


46 


8.98 


11.86 


23.54 


46.40 


47 


4.23 


12.64 


25.08 


49.44 


48 


4.53 


13.51 


26.82 


52.86 


49 


4.85 


14.49 


28.76 


56.68 


50 


5.23 


15. 60 


80.96 


61.02 


51 


5.65 


16.86 


33.46 


65.06 


52 


6. 14 


18.31 


86.34 


71.64 


53 


6.70 


20.00 


39.69 


78.24 


54 


7.36 


21.98 


43.63 


86.00 


55 


8. 15 


24.85 


48.84 


95.28 


56 


9.12 


27.23 


54.05 


106.54 


57 


10.31 


80.80 


61.15 


120.54 


58 


11.84 


35.36 


70.21 


138.89 


59 


18.87 


41.41 


82.21 


162.05 


60 


16. 69 


49.81 


98.88 


194.92 



63 



Ten Year Endowment 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


SI 


S7.41 


$22. 10 


$43. 88 


$86.48 


2S 


7.41 


22. 11 


43.89 


86.52 


23 


7.41 


22. 11 


43.90 


86.54 


24 


7.42 


22. 13 


43.93 


86.59 


25 


7.42 


22. 14 


43.95 


86.63 


26 


7.42 


22. 15 


43.97 


86.67 


27 


7.43 


22. 16 


43.98 


86.71 


28 


7.43 


22. 18 


44.02 


86.77 


29 


7.43 


22. 19 


44.05 


86.82 


30 


7.43 


22.20 


44.07 


86. 88 


31 


7.44 


22.22 


44. 11 


86.94 


32 


7.45 


22.23 


44. 14 


87.00 


33 


7.45 


22.26 


44. 18 


87.08 


34 


7.46 


22.28 


44.23 


87. 17 


35 


7.47 


22.30 


44.27 


87.27 


36 


7.48 


22.33 


44.33 


87.38 


87 


7.49 


22.36 


44.39 


87.49 


38 


7.50 


22.39 


44.45 


87.62 


39 


7. 62 


22.43 


44.52 


87.77 


40 


7.62 


22.46 


44.60 


87.92 


41 


7. 54 


22.52 


44.69 


88.10 


42 


7. 56 


22.66 


44.79 


88.30 


43 


7.58 


22.63 


44.91 


88.52 


44 


7. 61 


22. 69 


45.06 


88.79 


45 


7. 62 


22. 76 


45.18 


89.06 


46 


7. 65 


22.86 


45.36 


89.42 


47 


7.69 


22.94 


45.55 


89.78 


48 


7. 72 


23.05 


45. 77 


90.21 


49 


7. 77 


23. 18 


46.02 


90. 70 


60 


7. 81 


23.32 


46.30 


91.25 


51 


7. 87 


23.48 


46.61 


91.87 


52 


7.93 


23. 66 


46.97 


92.68 


53 


7.99 


23.86 


47.37 


98.37 


54 


8.07 


24.09 


47.83 


94.27 


55 


8. 15 


24. 35 


48.84 


96.28 


56 


8.25 


24. 64 


48.92 


96.44 


57 


8.36 


24.95 


49.54 


97.64 


68 


8.47 


25.27 


50. 18 


98.91 


59 


8.59 


25.62 


50.86 


100.25 


60 


8. 70 


25.97 


51. 56 


101.65 



64 



Fifteen Year Endowment 


AGE 


Reduced Premiums per $1,000 of Insurance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Ann ual 


Annual 


21 


$4.68 


$13.96 


$27. 70 


$54.60 


22 


4.68 


13.97 


27. 78 


54.65 


23 


4.68 


18.98 


27.76 


64.69 


24 


4.69 


18.99 


27. 77 


64. 74 


26 


4.69 


14.00 


27. 79 


54.78 


26 


4.70 


14.01 


27.82 


54.84 


27 


4. 70 


14.08 


27.86 


64.90 


28 


4.71 


14.05 


27. 88 


54.96 


29 


4.72 


14.07 


27.92 


66. 03 


30 


4.72 


14.09 


27.95 


65. 11 


31 


4.73 


14. 10 


28.00 


55. 19 


32 


4.73 


14. 13 


28.04 


65.28 


33 


4.74 


14. 16 


28.09 


65.37 


84 


4.75 


14. 18 


28. 15 


66.49 


35 


4. 76 


14.21 


28.22 


55.61 


86 


4.77 


14.25 


28.28 


66.75 


87 


4.79 


14.29 


28.37 


55.91 


38 


4.81 


14.84 


28.46 


56.08 


39 


4.82 


14.38 


28.56 


56.27 


40 


4.83 


14.44 


28.66 


66.48 


41 


4.86 


14.60 


28.78 


56. 73 


42 


4.88 


14.57 


28.92 


67.01 


43 


4.91 


14.66 


29.08 


57.31 


44 


4.94 


14.74 


29.26 


67.67 


46 


4.97 


14.84 


29.46 


68.06 


46 


5.01 


14.96 


29.69 


68.62 


47 


6.06 


15.08 


29.96 


59.03 


48 


6.10 


15.24 


30.25 


59.68 


49 


5. 17 


15.41 


30.68 


60.28 


50 


5.28 


15.60 


80.96 


61.02 


61 


6.80 


16.81 


31.38 


61.87 


52 


5.87 


16.04 


31.84 


62.77 


53 


6.46 


16.30 


32.35 


68.77 


64 


6.55 


16.57 


82.90 


64.85 


56 


5.65 


16.88 


83.50 


66.02 


56 


6.76 


17.21 


84.16 


67.82 


57 


6.89 


17.57 


34.87 


68.72 


58 


6.01 


17.96 


85.65 


70.26 


59 


6. 16 


18.88 


86.50 


71.08 


60 


6.32 


18.85 


87.41 


78.75 



65 



Twenty Year Endowment 


AGE 


Reduced Premiums per $1,000 nf Insiu-ance 


Nearest 










Birthday 


Monthly 


Quarterly 


Semi-Annual 


Annual 


21 


S3. 35 


$9.99 


$19.83 


$39.07 


22 


3.35 


10.00 


19. 85 


39. 11 


23 


3.36 


10.02 


19.88 


39.18 


24 


3.36 


10.03 


19.90 


39.22 


25 


3.37 


10.04 


19.94 


89.29 


26 


3.38 


10.06 


19.96 


39.35 


27 


3.38 


10.08 


20.00 


89.42 


28 


3.38 


10.10 


20.04 


39. 51 


29 


3.39 


10. 12 


20.09 


39. 59 


80 


3.40 


10. 14 


20.14 


89.69 


31 


3.41 


10. 17 


20.20 


89.80 


32 


3.42 


10.21 


20.25 


39.92 


33 


3.43 


10.23 


20.31 


40.04 


34 


3.45 


10.28 


20.39 


40. 19 


35 


3.46 


10.31 


20.48 


40.37 


36 


3.47 


10.86 


20.57 


40.54 


37 


3.49 


10.41 


20.67 


40.75 


38 


3.51 


10.48 


20.79 


40.98 


39 


3.64 


10.54 


20.98 


41.24 


40 


3.56 


10.62 


21.08 


41.54 


41 


3.58 


10.70 


21.28 


41.86 


42 


3.62 


10.80 


21.43 


42.24 


43 


3.65 


10.90 


21.64 


42.66 


44 


3.69 


11.03 


21.88 


43. 12 


45 


3.74 


11. 16 


22. 15 


43.66 


46 


3.79 


11.31 


22.46 


44.26 


47 


3.85 


11.48 


22.79 


44.92 


48 


8.92 


11.67 


28. 18 


45.68 


49 


3.98 


11.88 


23.58 


46.49 


50 


4.06 


12. 11 


24.03 


47.37 


51 


4. 14 


12.87 


24.54 


48.38 


52 


4.24 


12.64 


25.09 


49.46 


53 


4.34 


12.94 


25.70 


50. 65 


54 


4.46 


13.28 


26.37 


51.98 


55 


4.57 


13.65 


27. 11 


63.43 


56 


4.72 


14.07 


27.92 


65.08 


57 


4.86 


14. 51 


28.80 


56. 77 


58 


5.02 


14.99 


29.77 


58. 68 


59 


5.20 


15. 53 


30.83 


60. 75 


60 


5.39 


16. 10 


31.96 


62.99 



66 



Survivorship Annuities 

The Association offers its policy on this plan 
to the teacher who seeks insurance to make 
certain, lifelong provision for a single de- 
pendent. The cost of this form of insurance 
is low, because the policy terminates at the 
death of the person for whom the provision is 
intended. Premium rates depend upon the 
age, nearest birthday, and sex, of both 
annuitant and insured. If the annuitant is 
older than, or but little younger than, the 
insured, the rates are especially attractive. 

Survivorship Annuity 

The policy provides annuity, payable 
montlily, to the annuitant. The annuity com- 
mences at the death of the insured, and con- 
tinues as long as the annuitant lives thereafter . 

Premiums 

Premiums are payable until the insured 
reaches age sixty-five, at which time the policy 
becomes fully paid-up. At the death of the 
annuitant, the contract expires, and no 
further annuity, and no return of premiums, 
is payable. It is impracticable to publish 
complete tables of premiums for all combina- 
tions of age and sex. The premiums shown 
are applicable if the insured is a man, and the 
annuitant, a woman of the same age. Rates 
[67] 



for other combinations will be furnished upon 
request. 

Disability Benefit 

Policies on the above mentioned plan con- 
tain a clause providing that the policy will 
be continued in full force without further 
payment of premiums, in the event of the 
insured becoming totally and permanently 
disabled before reaching the age of sixty-five. 

Non-forfeiture Provision 

After the policy has been in force three 
years, upon any subsequent default in the 
payment of premiums, the policy becomes 
paid-up for a reduced amount of annuity. 
No cash surrender or loan privilege can be 
granted in this form of policy. 

Insurability 

The insured will be required to furnish 
evidence of good health. 

Survivorship Annuity Rates 

In the table following are shown the Reduced 
Premiums per $10 Monthly Annuity begin- 
ning at the death of the Insured, and payable 
during the life of the Annuitant thereafter, 
if the Insured is employed by a College, Uni- 
versity, or institution engaged primarily in 
educational or research work. 
[68 1 



Survivorship Annuity of $10 Monthly 


Insured, a Man; Annuitant, a Woman. 


Insured and Annuitant of Equal Age 


Policy fully paid-up at Age 65 




No. of Monthly 


Reduced 


Reduced 


AGES 


Premiums 


Monthly 


Annual 




Payable 


Premium 


Premium 


21 :21 


528 


$1.98 


$28.04 


22 :22 


516 


2.00 


28.27 


23 :28 


504 


2.02 


28.54 


24 :24 


492 


2.04 


23.82 


26 :26 


480 


2.07 


24.15 


26 :26 


468 


2.10 


24.46 


27 :27 


456 


2.12 


24.80 


28 :28 


444 


2.16 


25.16 


20 :29 


432 


2.19 


25.54 


30 :80 


420 


2.22 


25.97 


81 :31 


408 


2.27 


26.41 


32 :32 


396 


2.30 


26.88 


33 :83 


884 


2.86 


27.39 


84 :34 


372 


2.89 


27.93 


85 :85 


860 


2.44 


28.60 


36 :S6 


348 


2.49 


29.12 


37 :87 


336 


2.56 


29.80 


88 :38 


324 


2.61 


30.49 


89 :89 


312 


2.68 


81.27 


40 :40 


300 


2.75 


82.09 


41 :41 


288 


2.88 


82.98 


42 :42 


276 


2.91 


88.90 


43 :48 


264 


3.00 


84.93 


44 :44 


252 


3.09 


36.04 


45 :45 


240 


3.20 


37.25 


46 :46 


228 


3.80 


38.66 


47 :47 


216 


8.48 


40.00 


48 :48 


204 


8.56 


41.58 


49 :49 


192 


8.71 


48.82 


50 :50 


180 


3.88 


45.27 


51 :51 


168 


4.06 


47.43 


52 :52 


156 


4.28 


49.89 


58 :53 


144 


4.52 


62.71 


54 :54 


132 


4.79 


65.95 


55 :55 


120 


5.12 


59.80 


56 :56 


108 


5.52 


64.39 


57 :57 


93 


5.99 


70.05 


58 :58 


84 


6.61 


77.15 


59 :59 


72 


7.40 


86.45 


60 :60 


60 


8.61 


99.35 



69 



The Combination 
of Annuity and Insurance 

The principal risks of dependency that con- 
front the teacher are two — the risk of his own 
premature death and the consequent de- 
pendence of his family, and secondly the risk 
of dependence for himself and his family 
should he live to an age when his income- 
earning capacity has deteriorated. The first 
of these risks is covered by life insurance, the 
second by an annuity . The two contracts may 
be drawn so as to supplement one another. 
The Association will furnish such contracts 
in the form suited to the circumstances of the 
teacher's life. 

It is generally assumed that the teacher 
alone is responsible for the protection pro- 
vided by life insurance. An old age annuity 
provides protection in which both the teacher 
and his college are interested, so that it 
should rest on their joint payments. The 
college, as an employer, has a direct financial 
interest in the development of an agency by 
means of which its teachers may look forward 
to retirement in old age. No arrangement for 
such retirement will be satisfactory to either 
the college or to the teacher except one that 
has the definiteness and security of a contract. 
Both to the teacher and to his college the 
[70 1 



Association offers tlae most secure and least 
expensive means for the retirement of teach- 
ers when their active service ends. 

Policies Adapted to the Needs of Teachers 
In addition to annuities as a provision for 
retirement, the Association offers life insur- 
ance policies, which include not only the cus- 
tomary forms, but also forms especially 
adapted to meet the needs of teachers, and to 
supplement the protection given by an annuity . 
The teacher who anticipates retirement on 
an annuity is in a different position with 
respect to insurance from the man who does 
not anticipate such a privilege. The individ- 
ual in the financial situation of the teacher 
will serve his own interest best in obtain- 
ing, during the period of his active service, 
the largest protection he can afford against 
the risk of premature death, taking such 
policies as will articulate, in case of his sur- 
vival, with his old age annuity. For him, 
insurance has served its chief purpose when 
his active service has ended. After that time 
he has little income earning value to insure, 
nor is he likely to have either the need for, 
or the means to continue payments upon, 
costly policies. 

Unless, therefore, the teacher has an in- 
come independent of his earnings, his needs 
are best met by a form of insurance upon 
which payments cease at the end of his active 
service. 

[71] 



Such policies may be either term pohcies 
terminating at a stated age, or Hfe poKcies 
fully paid at a stated age, for example, sixty- 
five; or better still, a combination of the two. 
In any case the teacher's interest is best 
served in using life insurance solely for its 
legitimate purpose — the protection of his 
dependents against loss of income because of 
his death. 

The college teacher in the United States 
and Canada ordinarily becomes a permanent 
member of his profession at about the age of 
thirty when he is promoted from the position 
of assistant to that of instructor, a term often 
equivalent to that of lecturer in Canada. He 
receives at this time from $1,200 to $1,600 a 
year as salary. Ordinarily, he marries be- 
fore the age of thirty -five. If he remains a 
college teacher he may expect by the time he 
is forty-five to have a salary of between three 
and four thousand dollars. In the larger in- 
stitutions the salary will be higher than this, 
in the smaller colleges, lower. 

Looking forward to life upon the modest 
income of a teacher, he is bound to protect, 
to the best of his ability, his family and him- 
self against dependence. To do this he needs 
a combination of insurance with an old age 
annuity. 

The Maximum Protection 

Assuming that he is dependent upon his 
salary alone, the arrangement that will best 

[ 7^2 1 



suit his needs will be one under which he gets 
the maximum protection for that part of his 
money paid for insurance during the life of 
the policy or policies, and the maximum 
accumulation upon the payments made to 
secure the old age annuity should it be needed; 
with the provision that in case of death before 
the annuity begins, both the insurance and 
the accumulation for the annuity shall be 
available to his dependent wife or children. 

The function of the Association is to furnish 
such policies at terms within the reasonable 
limit of the teacher's salary, so that he may 
be able to carry a fair insurance for the pro- 
tection of his family, and to join with his 
college in providing an annuity available for 
the use of himself and his wife, if she sur- 
vives, in old age. 

To illustrate the advantage to the teacher 
of a combination of insurance and annuity 
contracts the following examples are taken: 

I. To use a very simple case, assume a 
teacher aged thirty with a salary of $1,500 
a year. He decides to carry $5,000 term in- 
surance to age sixty -five, and to provide an 
annuity commencing at that age of $1,000 
yearly. A payment of $5.20 a month will 
provide the insurance. A payment of $5.00 
a month by the teacher and a similar pay- 
ment by his college will provide the annuity 
to be available at sixty -five. 
[73 1 



Should he die in the interval his heirs would 
receive $5,000 insurance and the accumula- 
tions of the annuity contributions. At age 
forty these would amount approximately to 
$1,472, at age fifty to $3,650, at age sixty 
to $6,875. 

It goes without saying that a teacher would 
generally increase both his insurance and his 
annuity contribution with advancing salary. 

II. The arrangement indicated above, 
while quite favorable to the teacher, has one 
feature that to many policyholders is in- 
congruous. His insurance of $5,000 auto- 
matically terminates on a specified day in a 
given year. The day before this date his 
death would bring to his family a sum equal 
to the face of the policy, the day after it 
would bring nothing. 

The situation is similar to that of a fire 
insurance policy on a house in case it burns 
down the day after the policy expires. 

The objection can easily be met by taking 
term policies to terminate at different dates 
from sixty to seventy. 

For example, a man carrying insurance to 
the amount of $10,000 could arrange to have 
five policies of $2,000 terminating at ages 
between sixty and seventy. As insurance pre- 
miums diminish through the successive termi- 
nation of these policies, the teacher can apply 
the sums so released to increase his annuity. 
[74] 



The fact is that with increasing age a man's 
economic value diminishes, and it is to his 
interest to make a corresponding decrease in 
his insurance, just as fire insurance on a house 
diminishes as the property depreciates. 

To meet this situation the Association has 
designed its Decreasing Insurance Policy and 
its Teachers Retirement Deferred Annuity 
Policy in such a way that the insurance pay- 
able under the one diminishes as the accumu- 
lation of premiums available at death under 
the other increases. 

For example, a teacher at age thirty secures 
a Decreasing Insurance Policy. The amount 
of insurance remains at $10,000 until he is 
forty -one years of age, by which time his 
accumulations on an annuity contract have 
grown to the point where they supplement very 
considerably his insurance in case of death. 
Beginning at age forty -one, the amount of the 
policy is reduced $300 each year until at age 
seventy the protection is reduced to $1,000 
at which it remains for the rest of his life. 
In the meantime, the growth of the annuity 
accumulation, as the insurance policy dimin- 
ishes, provides protection until the time of 
his retirement. The monthly cost of such an 
insurance policy together with the supple- 
mentary annuity policy would be about 
twenty dollars at age thirt^^ (See illustration 
on page 38.) 



75 



VI 



Method of Obtaining Policies 

The procedure in obtaining policies is simple 
and adapted to the conditions of the teaching 
profession. Full information, including speci- 
men copies of policies and answers to all en- 
quiries, will be furnished upon request. 

The forms to be filled by the teacher have 
been made brief and direct. Upon request, 
the teacher will be provided with a form for 
application together with forms for a state- 
ment of physical condition by the applicant 
and a local physician acceptable to the Asso- 
ciation. 

No physical examination is required if the 
application is for a deferred annuity or a life 
annuity. 



76 



VII 

Withdrawal from Teaching 

The Association having been created for the 
benefit of men and women employed by 
colleges and universities, how should it treat 
those who, becoming policyholders while so 
employed, afterwards enter other occupations? 

Clearly, no one who enters in good faith 
should later be deprived of any interest he 
may have acquired, but clearly, also, one 
who leaves the group should not continue to 
receive all of the special privileges granted to 
that group. 

The fairest plan would seem to be to give 
to the teachers the lowest practicable pre- 
mium rates, and to charge higher premiums 
to those who leave the profession, the bene- 
fits remaining unaltered. For technical rea- 
sons, it seems best to accomplish the same 
result by adding a small percentage to the 
net premium rates and providing for a reduc- 
tion on each premium paid while the policy- 
holder remains a member of the profession. 

The reduction referred to has been fixed 
generally at ten per cent so that the teacher as 
long as he remains in the profession, will have 
the advantage of the lowest premiums con- 
sistent with sound insurance; if he leaves the 
profession, he will still be able to continue his 
policy at a cost probably less than he would 
pay elsewhere, without forfeiting any benefit 
he has already acquired. 
[77] 



VIII 
Life Annuities 

Equal monthly payments throughout the life 
of the annuitant. 

First annuity payment, one month after 
purchase. 

No return of consideration in event of death . 

Table showing the amount of monthly 
annuity purchased by a single premium of 
$1,000. 



This form of policy is suggested as a safe medium 
for the investment of funds — such as the proceeds 
of life insurance policies paid to surviving Avives of 
teachers — where a guaranteed life income, free from 
the ordinary investment cares, is desired. 



78 



Life Annuity Rates 

Amount of Monthly Annuity 
pxu-chased by $1,000 


AGE 
at 

Purchase 


Montlily Annuity, First Payment 
one month after Purchase 


If the Annuitant 
is a MAN 


If the Annuitant 
is a WOMAN 


25 
26 
27 
28 
29 

30 
81 
82 
88 
84 

86 
86 
37 
38 
89 

40 
41 
42 
43 
44 


$4.56 
4.58 
4.62 
4.65 
4.69 

4.78 
4.78 
4.82 
4.87 
4.92 

4.97 
5.08 
5.09 
5.16 
6.22 

5.29 
5.86 
5.44 
5.58 
5.61 


$4.19 
4.21 
4.25 
4.28 
4.81 

4.35 
4.39 
4.43 
4.47 
4.51 

4.56 
4.61 
4.66 
4.71 
4.77 

4.88 
4.89 
4.96 
6.08 
6.11 



79 



Life Annuity Rates (Continued) 




Monthly Annuity, First Payment 


AGE 


one month after Purchase 


at 

Purchase 




If the Annuitant 


If the Annuitant 




is a MAN 


is a WOMAN 


45 


$5.71 


$5.19 


46 


5.81 


6.27 


47 


5.91 


5.86 


48 


6.02 


6.45 


49 


6.14 


6.65 


60 


6.26 


6.66 


61 


6.40 


6.77 


62 


6.64 


5.89 


68 


6.69 


6.01 


54 


6.86 


6,15 


56 


7.02 


6.29 


56 


7.20 


6.44 


67 


7.40 


6.60 


68 


7.60 


6.77 


59 


7.82 


6.96 


60 


8.06 


7.15 


61 


8.81 


7.86 


62 


8.58 


7.58 


68 


8.87 


7.81 


64 


9.18 


8.06 


65 


9.62 


8.88 


66 


9.87 


8.62 


67 


10.26 


8.98 


68 


10.67 


9.26 


69 


11.11 


9.62 


70 


11.69 


10.00 



80 



p^< 






LIBRARY OF CONGRESS 



021 300 506 6 




